Restoring the Tax Exemption Granted to PHILCOMSAT Under R.A. No. 5514

August 31, 1976

PRESIDENTIAL DECREE NO. 990

RESTORING THE TAX EXEMPTION GRANTED TO THE PHILIPPINE COMMUNICATIONS SATELLITE CORPORATION (PHILCOMSAT) UNDER REPUBLIC ACT NO. 5514

WHEREAS, the Philcomsat has been designated to represent the Philippines in the International Telecommunications Organization (INTELSAT);

WHEREAS, in support of its operations, the Philcomsat was exempted from the payment of customs duties, tariffs and other charges on machineries, equipments, supplies and spare parts imported for the construction and maintenance of its earth stations from the time of its organization; aisa dc

WHEREAS, all tax exemptions including those granted to Philcomsat were abrogated under Presidential Decree No. 34, amending the Tariff and Customs Code; and

WHEREAS, there is a need to further support the operation of the Philcomsat to keep this country abreast with the rapid development of international communications;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree: aisa dc

SECTION 1. Any provision of law, decree, rules and regulations to the contrary notwithstanding, the tax exemptions granted to the Philippine Communications Satellite Corporation under Republic Act No. 5514 is hereby restored.

SECTION 2. This Decree shall take effect immediately.

DONE in the City of Manila, this 31st day of August, in the year of Our Lord, Nineteen Hundred and Seventy-Six.