FIRB Resolution No. 005-88

November 15, 1988 FIRB RESOLUTION NO. 005-88 BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to endorse to the Congress of the Philippines, for its appropriate action, the request of the LOCAL WATER UTILITIES ADMINISTRATION and the PHILIPPINE ASSOCIATION OF WATER DISTRICTS for the restoration of the tax and duty exemption privileges of local water districts (LWDs) granted under the terms and conditions of Presidential Decree No. 198 (Declaring a national policy favoring local operation and control of water systems; authorizing the formation of LWDs; and for other purposes), as amended, subject to the following conditions: 1. That the restoration of the tax and duty exemption privileges shall in no case go beyond December 31, 1990; aisadc 2. That the restored tax and duty exemption privileges shall not include tax on interest income from deposits and on other investments that have no direct relation with water service operations of the LWDs, as well as filing, recordation, license or permit fees and any fees, charges or costs involved in any court of administrative proceeding in which it may be a party; 3. That the exemption from duties and imposts shall apply only to qualified importations of machinery, equipment and materials certified to by the Board of Investments as not manufactured domestically in sufficient quantity, of comparable quality and at reasonable prices; and 4. That the LWDs, as certified by the LWUA shall undertake a program of internal reforms to bring about their economic and financial viability. Further, a copy of such reforms shall be furnished the Fiscal Incentives Review Board on an annual basis or as often as it may deem necessary. (SGD.) VICENTE R. JAYME Secretary Chairman-FIRB