Farm Systems Development Corporation

January 18, 1985 FIRB RESOLUTION NO. 002-85 SUBJECT: 1. Farm Systems Development Corporation 2. Sugar Millers 3. Confederation of Filipino Rice & Corn Association, Inc . WHEREAS, the program for economic development demands an efficient, fair and equitable revenue-generating system; WHEREAS, the withdrawal of duty-and-tax exemption privileges from government-owned or controlled corporations and private business enterprises pursuant to PD Nos. 1931 and 1955 respectively is in line with this demand; BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That in view of the aforementioned imperatives, the tax-exemption privileges enjoyed by the following remain revoked: (1) Farms Systems Development Corporation, considering its income-generating capacity and consequent ability to bear the tax burden; (2) Sugar Millers, considering the reasonable tax-and-duty impositions which they are financially able to bear; and the (3) Confederation of Filipino Rice and Corn Association, Inc., considering the policy to adopt a uniform treatment of similarly situated sectors such as sugar millers and rice and corn producers. (SGD.) CESAR E. A. VIRATA Minister of Finance Chairman, FIRB