Light Rail Transit Authority

December 10, 1999 FIRB RESOLUTION NO. 004-99 SUBJECT : Light Rail Transit Authority WHEREAS, the Light Rail Transit Authority (LRTA) is engaged in the operation of a mass transport system intended to answer the transport needs of commuters belonging generally to the low and middle income groups and to likewise decongest the road traffic network; WHEREAS, to implement the successful operation of a reliable, safe and affordable mass transport system, the LRTA has introduced various programs and projects, a component of which is the upgrading and/or replacement of obsolete parts and equipment and the consequent importation of such items; and WHEREAS, the LRTA has to cope with heavy interest expenses and bank charges on foreign obligations contracted to set up its mass transport system and is, therefore, not in a financial position to discharge its tax and duty liabilities arising out of its importations. NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to grant tax subsidy to the LRTA in the amount of P181,089,356.27 only, representing the tax and duties due on its importations of materials and equipment broken down as follows: Taxes and Duties Projects/Undertakings 3rd and 4th Outstanding Total Qtrs. 1999 Accounts 1997 Regular Maintenance P19,791,021.56 P1,818,766.00 P21,609,787.56 Rehabilitation of LRT (Project 2) 11,878,912.34 845,185.00 12,724,097.34 MRT Line 2 Package 2 99,916,868.37 9,121,457.00 109,038,325.37 Line 1 Capacity Expansion Project 2,269,275.00 35,447,871.00 37,717,146.00 Total P133,856,077.27 P47,233,279.00 P181,089,356.27 Provided, That the grant of such tax subsidy shall be in accordance with the terms and conditions of Section 13 of the 1999 General Appropriations Act, subject to the availability of funds therefor, pursuant to the terms and conditions of the Rules and Regulations to Implement the Tax Subsidy Provisions Under Executive Order No. 93. trd2004cda (SGD.) SOLOMON S. CUA Undersecretary of Finance Presiding Officer FIRB Reference: FIRB Technical Committee Meeting dated December 6, 1999 FIRB Meeting dated December 9, 1999