FIRB Resolution No. 017-87

June 24, 1987 FIRB RESOLUTION NO. 017-87 BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That the tax and duty exemption privileges of the National Power Corporation, including those pertaining to its domestic purchases of petroleum and petroleum products, granted under the terms and conditions of Commonwealth Act No. 120 (Creating the National Power Corporation, defining its powers, objectives and functions, and for other purposes), as amended, are restored effective March 10, 1987, subject to the following conditions: 1. The restoration of the tax and duty exemption privileges does not apply to the following: 1.1 Importations of fuel oil (crude equivalent) and coal; 1.2 Commercially-funded importations (i.e., importations which include but are not limited to those financed by the NPC's own internal funds, domestic borrowings from any source whatsoever, borrowings from foreign-based private financial institutions, etc.); and 1.3 Interest income derived from any source. 2. The NPC shall submit to the FIRB a report of its expansion program, including details of disposition of relieved tax and duty payments for such expansion on an annual basis or as often as the FIRB may require it to do so. This report shall be in addition to the usual FIRB reporting requirements on incentive availment. (SGD.) ALFREDO PIO DE RODA, JR. Acting Secretary of Finance Chairman, FIRB