Philippine National Railways (1)

March 13, 1995 FIRB RESOLUTION NO. 012-95 SUBJECT : Philippine National Railways (1) BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to renew the subsidy availment previously granted in favor of the Philippine National Railways, pursuant to FIRB Resolution No. 5-94 (Renewing the subsidy availment previously granted to the Philippine National Railways per FIRB Resolution No. 12-93 in the amount of P19 . 5 million only, representing the taxes and duties due on its importations in connection with its Metro Manila Rail Commuter Maintenance Depot Construction and Main Line South Revitalization Projects): Provided , That the amount of subsidy to be available to the subject beneficiary shall be limited only to the unutilized portion of the subsidy availment previously granted thereto: Provided , further That new applications by such subject beneficiary shall not be acted upon by the FIRB until the renewed tax subsidy herein shall have been fully utilized by it: Provided , furthermore , That such availment shall be in accordance with the terms and conditions of Section 12 of the 1995 General Appropriations Act, subject to the availability of funds therefor, pursuant to the terms and conditions of the Rules and Regulations to Implement the Subsidy Provision Under Executive Order No. 93. (SGD.) JUANITA D. AMATONG Undersecretary of Finance Presiding Officer FIRB References : FIRB Technical Committee Meeting dated March 2, 1995 FIRB Meeting dated March 10, 1995 Amount Renewed P13 . 25 million only