Philippine Heart Center

December 10, 1999 FIRB RESOLUTION NO. 005-99 SUBJECT : Philippine Heart Center WHEREAS, the Philippine Heart Center (PHC) provides specialized heart care services to a number of patient, more than 70% of whom are charity cases; WHEREAS, the operations of the PHC require the replacement of outdated equipment and continuing provisions of supplies and materials, most of which are not locally available or are not available in the quantity and/or quality required, thus prompting the PHC to import said items and in the process incur tax and duty liabilities thereon; and WHEREAS, the PHC is not in a financial position to assume the burden of these taxes and duties. NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to grant tax subsidy to the PHC in the amount of P4,760,393.00 only, representing the taxes and duties due on PHC's importation that arrived between December 24, 1997 and January 7, 1998 in the amount of P1,056,393.00 only and on projected importations that will arrive on or before December 15, 1999 in the amount of P3,704,000.00 only; 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. IAcTaC (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