WITHDRAWING, SUBJECT TO CERTAIN CONDITIONS, THE DUTY AND TAX PRIVILEGES GRANTED TO PRIVATE BUSINESS ENTERPRISES AND/OR PERSONS ENGAGED IN ANY ECONOMIC ACTIVITY, AND FOR OTHER PU…

WHEREAS, the current economic crisis amounts to a grave
emergency which affects the stability of the nation and requires immediate
action;

WHEREAS, the issuance of this Decree is an essential and
necessary component of the national economic recovery program formulated to meet
and overcome the emergency;

WHEREAS, Section 20 of Batas Pambansa Blg. 391, otherwise
known as the Investment Incentives Policy Act of 1983, authorizes the President
to restructure/rationalize all existing incentives systems/legislations to align
them with overall economic development objectives and make them more responsive
and meaningful to changing circumstances ;

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:

SECTION 1. The provisions of any special or general law to
the contrary notwithstanding, all exemptions from or any preferential treatment
in the payment of duties, taxes, fees, imposts and other charges heretofore
granted to private business enterprises and/or persons engaged in any economic
activity are hereby withdrawn, except those enjoyed by the following:

1. Those registered by the Board of Investments under Presidential Decree No.
   1789, as amended by Batas Pambansa Blg. 391, and those registered by the Export
   Processing Zone Authority under Presidential Decree No. 66, as amended by
   Presidential Decree Nos. 1449, 1776, 1776-A, and 1786;
2. The copper mining industry in accordance with the provisions of LOI 1416;
3. Those covered by international agreements to which the Philippines is a
   signatory;
4. Those covered by the non-impairment clause of
   the Constitution; and
5. Those that will be approved by the President of the Philippines upon the
   recommendation of the Minister of Finance.

SEC. 2. The Ministry of Finance shall promulgate the
necessary rules and regulations to effectively implement the provisions of this
Decree.

SEC. 3. All other laws, decrees, executive orders,
administrative orders, rules, regulations or parts thereof which “are
inconsistent with this Decree are hereby repealed, amended or modified
accordingly.

SEC. 4. This Decree shall take effect on October 15,
1984.

Done in the City of Manila, this 10th day of October, in the year of Our
Lord, nineteen hundred and eighty-four.

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