RESTORING THE EXEMPTION OF THE NATIONAL HOUSING AUTHORITY FROM THE PAYMENT OF ALL TAXES, DUTIES, FEES AND OTHER CHARGES

WHEREAS, the programs and projects of the National Housing
Authority are for marginal and low income groups of our people;

WHEREAS, taxes, fees and special assessments, whether local
or general, constitute a significant component of the costs being charged to
project beneficiaries;

WHEREAS, there is a need to institute every possible means
of reducing costs so that such Projects shall be more affordable to their
beneficiaries;

WHEREAS, all the predecessor housing agencies that were
abolished and whose functions were taken over by the National Housing Authority
under Presidential Decree No. 757 were tax exempt;

WHEREAS, Presidential Decree No. 1922 dated 6 May 1984
exempted the National Housing Authority “from the payment of any and all fees
and taxes of any kind” which exemption was subsequently withdrawn by
Presidential Decree No. 1931, dated 11 June 1984;

WHEREAS, the housing programs and related services of the
National Housing Authority respond directly to the needs of the urban poor and
thus serve a priority national interest;

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

SECTION 1. The exemption granted the National Housing
Authority under Presidential Decree No. 1922 dated 6 May 1984 from the payment
of any and all fees and taxes of any kind; whether local or general, such as
income and realty taxes, special assessments, customs duties, exchange tax,
building fees, and other taxes, fees and charges is hereby restored.

SEC. 2. All documents or contracts executed by or in favor
of the National Housing Authority shall also be exempt from the payment of
documentary stamp tax and registration fees, including fees for the issuance of
titles.

SEC. 3. All taxes remaining unpaid by the National Housing
Authority up to the signing of this Decree are hereby condoned.

Done in the city of Manila, this 23rd day of January in the year of our Lord,
nineteen hundred and eighty-six.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JUAN C. TUVERA
		Presidential Executive Assistant