Amending Sections 6 and 8 of P.D. No. 218 (s. 1973)
Presidential Decree No. 348, issued on December 22, 1973, amends specific provisions of Presidential Decree No. 218 concerning multinational companies in the Philippines. It grants alien executives of regional headquarters privileges similar to those of foreigners settling in the country for the first time, including a one-time duty and tax-free importation of a motor vehicle, with conditions attached regarding its sale. Additionally, the decree stipulates that willful violations of its provisions can lead to the cancellation of a multinational company's license or registration. The Secretary of Trade is tasked with issuing regulations to ensure compliance with these amendments. The decree takes effect immediately upon issuance.
Quick Answers
- What is Amending Sections 6 and 8 of P.D. No. 218 (s. 1973) about?
- Presidential Decree No. 348, issued on December 22, 1973, amends specific provisions of Presidential Decree No. 218 concerning multinational companies in the Philippines. It grants alien executives of regional headquarters privileges similar to those of foreigners settling in the country for the first time, including a one-time duty and tax-free importation of a motor vehicle, with conditions attached regarding its sale. Additionally, the decree stipulates that willful violations of its provisions can lead to the cancellation of a multinational company's license or registration. The Secretary of Trade is tasked with issuing regulations to ensure compliance with these amendments. The decree takes effect immediately upon issuance.
- What type of law is Presidential Decree No. 348?
- Amending Sections 6 and 8 of P.D. No. 218 (s. 1973) (Presidential Decree No. 348) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Amending Sections 6 and 8 of P.D. No. 218 (s. 1973) enacted?
- Amending Sections 6 and 8 of P.D. No. 218 (s. 1973) (Presidential Decree No. 348) was enacted on Dec 22, 1973.
- What is the citation for Amending Sections 6 and 8 of P.D. No. 218 (s. 1973)?
- Amending Sections 6 and 8 of P.D. No. 218 (s. 1973), Presidential Decree No. 348, Dec 22, 1973 (Philippines)
Law Information
- Reference Number
- Presidential Decree No. 348
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 22, 1973
PRESIDENTIAL DECREE NO. 348
AMENDING SECTIONS 6 AND 8 OF PRESIDENTIAL DECREE NO. 218 DATED JUNE 16, 1973
I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, as amended, and General Order No. 1, dated September 22, 1972, as amended, do hereby amend Presidential Decree No. 218 dated June 16, 1973 as follows:
SECTION 1. Section 6 of the Presidential Decree No. 218 is hereby amended to read as follows:
"SEC. 6. An alien executive of the regional or area headquarters of a multinational company shall enjoy the privileges extended to foreigners coming to settle in the Philippines for the first time as provided for under Section 105(h) of the Tariff and Customs Code, as amended, and Section 190(f) of the Internal Revenue Code, as amended, including the importation, only once, duty and tax free of one (1) motor vehicle subject to the condition that said motor vehicle shall be subject to payment of duty and tax upon the sale thereof within the country. This condition shall be indicated in the certificate of payment to be issued by the Collector of Customs and in the vehicle registration certificate."
SECTION 2. Section 8(d) of Presidential Decree No. 218 is hereby amended to read as follows:
"(d) Any willful violation by the regional or area headquarters of a multinational company of any provisions of this Decree, or its implementing rules and regulations, or other terms and conditions of its registration, or any provision of existing laws, shall constitute a sufficient cause for the cancellation of its license or registration. For this purpose, the Secretary of Trade shall, in consultation with the Director-General of the National Economic and Development Authority, issue regulations governing the operations of said regional or area headquarters in the Philippines necessary for the effective implementation of this Decree." cd
SECTION 3. This Decree shall take effect immediately.
DONE in the City of Manila, this 22nd day of December, in the year of Our Lord, Nineteen Hundred and Seventy-Three.
Cite This Law
Amending Sections 6 and 8 of P.D. No. 218 (s. 1973), Presidential Decree No. 348, Dec 22, 1973 (Philippines)
Amending Sections 6 and 8 of P.D. No. 218 (s. 1973), Presidential Decree No. 348 (Phil. 1973)
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