Home Development Mutual Fund

November 28, 2002 FIRB RESOLUTION NO. 009-02 WHEREAS, the Home Development Mutual Fund (HDMF) has filed with the FIRB an application for tax subsidy in the amount of P923,146,399.00 representing its income tax liability for the year 2001; WHEREAS, the HDMF is not included in the list of government corporations specifically identified under Section 13 of Republic Act No. 9162, otherwise known as the 2002 General Appropriations Act, which is the basis for the grant of tax subsidy to government corporations; WHEREAS, said Section 13 also provides for a mechanism by which the HDMF may be entitled to tax subsidy through the determination of the Development Budget Coordinating Committee, but which determination was not obtained by the HDMF; WHEREAS, in the absence of such determination, the FIRB has no basis to evaluate the tax subsidy application of the HDMF and more so to grant tax subsidy thereto; NOW, THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, to deny the tax subsidy application of the HDMF as above stated. EIDTAa (SGD.) NIEVES L. OSORIO Undersecretary of Finance Presiding Officer FIRB (SGD.) GIL A. VALERA (SGD.) EDMUNDO P. GUEVARA Deputy Commissioner Deputy Commissioner Bureau of Customs Bureau of Internal Revenue (SGD.) GIL P. MONTALBO (SGD.) GREGORY L. DOMINGO Director Undersecretary Department of Budget and Department of Trade and Industry Management (SGD.) MARGARITA R. SONGCO (SGD.) LINA D. ISORENA Assistant Director-General Executive Director National Economic and Head, FIRB Secretariat Development Authority National Tax Research Center