EXEMPTING ALL GIFTS, REQUESTS, DONATIONS AND/OR CONTRIBUTIONS TO THE GINTONG ALAY EDUCATIONAL AND FUND CAMPAIGN FROM CERTAIN TAXES AND PROVIDING TAX ALLOWANCE THEREFOR.

WHEREAS, under Letter of Instructions No. 955 issued on
October 31, 1979, the President created Project Gintong Alay as the program for
the development of athletics (track & field) in order to restore the
Filipino athletes to their rightful place among world sports champions;

WHEREAS, Project Gintong Alay aims to develop, project and
promote the concept of personal sacrifice, dedication, and commitment in the
pursuit of national goals as integral to the Filipino way of life;

WHEREAS, the President has identified Gintong Alay as the
national sports development program of the country aimed at helping win gold
medals for Filipino athletes in forthcoming international competitions;

WHEREAS, the task of a year-round sustained scientific
training program requires sufficient funds, materials and resources;

WHEREAS, the President issued Proclamation No. 1922 on
November 7, 1979 authorizing Gintong Alay to conduct an educational and fund
campaign to help generate funds for the project;

WHEREAS, on May 2, 1980, the President expanded the scope of
Gintong Alay to include the development of 17 other sports and reiterated his
call for both the government and private sectors to support the Project Gintong
Alay and its educational and fund campaign; and

WHEREAS, the government recognizes the necessity of
encouraging and motivating the citizenry into supporting the drive as a national
sports renaissance program;

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

SECTION 1. Any provision of law, decree, rules and
regulations to the contrary notwithstanding, all gifts, bequests, donations
and/or contributions to the Gintong Alay Educational and Fund Campaign shall be
exempt from donor’s and estate taxes and shall be deductible in full in
computing the taxable net income of donor.

SEC. 2. All laws, decrees, orders, rules and regulations
inconsistent herewith are hereby repealed, amended or modified accordingly.

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 17th day of August in the year of our Lord,
nineteen hundred and eighty.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JOAQUIN T. VENUS, JR.
		Presidential Assistant