REQUIRING THE SUBMISSION OF STATEMENT OF ASSETS, LIABILITIES AND NET WORTH[]

WHEREAS, there is an urgent need to compile and collate
statistical data on property ownership to determine the overall assets
of the country; and

WHEREAS, there is a necessity to establish a data bank for
purposes of economic development planning and judicious allocation of
natural resources and capital;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines, and
pursuant to Proclamation No. 1081, dated September 21, 1972, and General
Order No. 1, dated September 22, 1972, as amended, whereby I have
assumed direction of the operations of the entire Government, do hereby
order and decree:

SECTION I. Who Must File. — Any provision of existing
laws to the contrary notwithstanding, all persons, whether natural or
juridical, having gross assets of P50,000 or more, as of December 31,
1973, regardless of the net worth, shall file a sworn statement of
assets, liabilities and net worth.

SEC. 2. When and Where to File. — The statement of
assets, liabilities and net worth in the form prescribed shall be filed
on or before September 30, 1974 with the Commissioner of Internal
Revenue, Regional Director, Revenue District Officer, Collection Agent
or the Municipal Treasurer who has been designated as collection officer
of the Bureau of Internal Revenue, where the taxpayer has his/its place
of business or his/its legal residence. If there is no office or place
of business in the Philippines or if there be no legal residence, the
statement must be filed with the Commissioner of Internal Revenue in
Manila.

The statement of assets, liabilities and net worth as of December
31, 1973 required to be filed by Republic Act No. 3019 and other laws
shall likewise be filed on or before September 30, 1974 instead of the
due dales for filing provided for in the said Republic acts. Subsequent
statements shall be filed in accordance with the provisions of the said
laws.

SEC. 3. Exemptions from Filing. — The following
are not required to file statement of assets, liabilities and net worth:

1. An individual, the total gross value of whose assets docs
   not exceed P50,000.00;
2. Diplomatic or consular representatives and officers of
   foreign governments;
3. Members of the Armed Forces of the United States
   Government in the active service who are stationed in the Philippines;
   and
4. Officials and officers, who are not citizens of the
   Philippines, of multinational corporations or of agencies of the United
   Nations or foreign or international regional organizations established
   in the Philippines.

SEC. 4. Definitions. — (a) The term “person” means
an individual, trust, estate, corporation, or a duly registered general
partnership, more specifically detailed as follows:

1. Citizens of the Philippines whether residing here or
   abroad;
2. Resident aliens;
3. Nonresident aliens, whether or not engaged in trade or
   business in the Philippines, with respect to properties of whatever kind
   and nature situated in the Philippines;
4. Domestic corporations no matter how created or organized
   and for whatever purposes;
5. Resident foreign corporations;
6. Nonresident foreign corporations engaged in trade or
   business in the Philippines or nonresident foreign corporations having
   properties of whatever kind or nature situated in the Philippines;
7. General professional partnerships and duly registered
   general co-partnerships; and
8. Estates and trusts.

(b) The term “net worth” is the difference between total assets
and total liabilities.

SEC. 5. Contents of Statement.
— The statement shall contain all the assets of the person, whether
real or personal, and whether used in business or not. It shall also
include those assets declared and included under Presidential Decree
Nos. 23, 157, 213 and 370.

The liabilities shall include all
known debts, which are legitimate and enforceable obligations, whether
secured or unsecured, and whether incurred or not in trade or business.

SEC. 6. Valuation. — (a) Assets. —

1. Real properties. — In the case of real properties, the
   cost of acquisition and valuation estimated by the person and contained
   in the statement filed under Presidential Decree No. 76 shall be
   included in the statement. However, for the purpose of computing the
   gross assets and net worth, the cost of acquisition shall be considered.
2. Personal Properties. — In the case of personal
   properties, the cost of acquisition must be the amount reported in the
   statement; if used in trade or business, the depreciated value as of
   December 31, 1973 as shown by his books of accounts shall be reported.

(b) Liabilities. — Only legitimate and enforceable
obligations reducible in sums of money and existing as of December 31,
1973 shall be included in the statement.

SEC. 7. Nature of Declaration. — (a) The
statement shall contain a declaration that the taxpayer or his
authorized representative made it under penalties of perjury.

(b) Any declaration on the statement shall not give rise to
any liability to any tax, national or local, or to any liability under
the Revised Administrative Code, the Revised Penal Code, the Anti-Graft
and Corrupt Practices Act, the law or laws on immigration,
naturalization or deportation, the National Internal Revenue Code, nor
to any law, proclamation or decree applicable thereto. However, the
statement of assets, liabilities and net worth, for tax purposes in the
future, shall be considered as his true and accurate net worth as of
December 31, 1973.

SEC. 8. Unlawful Divulgence of
Information.— (a) No information in the statement herein required
shall be published except in the form of tabulations and summaries
having no reference to the person.

(b) It shall be unlawful for
any officer or employee of the Bureau of Internal Revenue or any
government entity having knowledge of such declaration of assets,
liabilities and net worth to disclose to any person any information
relative to such declaration, except as provided in Section 7(b) and any
violation hereof shall subject such offender to a fine in the amount of
not less than five thousand pesos (P5,000) or imprisonment of not less
than two (2) years, or both, and shall be summarily dismissed from the
service for cause.

SEC. 9. Penalties for Failure to
File Statement or Rendering False or Fraudulent Statement. — Any
person required to file the statement under this Decree who knowingly
makes a false declaration or who deliberately fails to comply with any
of the provisions hereof shall, upon conviction, pay a fine of not less
than five thousand pesos (P5,000) and imprisonment of not less than two
years.

If the offense is committed by a juridical person, the
manager or person in charge of the management of the business or affairs
thereof shall be responsible therefor and, upon conviction, shall pay a
fine of not less than five thousand pesos (P5,000) and imprisonment of
not less than two years.

SEC. 10. Rules and Regulations. — The Secretary
of Finance shall issue the necessary rules and regulations to implement
this Decree, upon recommendation of the Commissioner of Internal
Revenue.

SEC. 11. Effectivity. — This Decree shall take
effect immediately.

Done in the City of Manila, this 21st day of January, in the
year of Our Lord, nineteen hundred and seventy-four.