REPEALING PRESIDENTIAL DECREE No. 1929 ENTITLED, “IMPOSING AN ECONOMIC STABILIZATION TAX; PRESCRIBING PENALTIES FOR VIOLATIONS HEREOF AND FOR OTHER PURPOSES.”

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;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, pursuant to the powers vested in me by the Constitution, do hereby
direct and ordain:

SECTION 1. Presidential Decree No. 1929, Imposing an
Economic Stabilization Tax; Prescribing Penalties for Violations Hereof and for
Other Purposes, is hereby repealed.

SEC. 2. Exports from the Philippines, heretofore subject to
the Economic Stabilization Tax aforementioned shall not be subject to the
Economic Stabilization Tax effective the day after the effectivity of this
Decree; Provided, however, that such exports made prior to that date shall
continue to be subject to the Economic Stabilization Tax, at the rates
prescribed therein, and shall be, paid within the period specified
thereunder.

SEC. 3. Violations of the provisions of Presidential Decree
No. 1929 and the rules and regulations issued pursuant thereto committed before
the effectivity of this Decree shall continue to be prosecuted and the
penalties, surcharges and interests prescribed therein correspondingly
imposed.

SEC. 4. All provisions of law or rules and regulations
inconsistent herewith are hereby repealed, revoked or modified accordingly.

SEC. 5. This Decree shall take effect on October 14,
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