FIRB Resolution No. 016-89

June 28, 1989 FIRB RESOLUTION NO. 016-89 WHEREAS, there is an urgent need to ease the existing bus shortage situation and the imminent transportation crisis arising therefrom; WHEREAS, bus operators cannot afford the cost of bus importations inclusive of taxes and duties, given the present fare structure; WHEREAS, the Department of Transportation and Communications through the Metro Manila Transit Corporation has drawn up a program to cope with the foregoing predicament whereby bus units are to be imported by it and resold to qualified bus operators at cost, without taxes and duties ; cdt NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to endorse to the Department of Budget and Management the subsidy availment of the Metro Manila Transit Corporation in the amount of P10,220,445 . 00 only representing the taxes and duties due on its importations of buses and bus engines herein described: Provided , That such amount shall be chargeable against the Tax Expenditures Fund, pursuant to the terms and conditions of the Rules and Regulations to Implement the Subsidy Provision Under Executive Order No. 93. Details of Taxes and Duties Due on MMTC ' s Importations Model No. of Units Taxes and Amount Duties CPB 87 35 P148,583 P5,200,405 RB 31 10 249,773 2,497,730 TE 6H with FMH 404 Transmission 20 89,325 1,786,500 BM 115 5 147,162 735,810 Total P10,220,445 ========= (SGD.) VICENTE R. JAYME Secretary of Finance Chairman FIRB