AMENDING CERTAIN PROVISIONS OF PRESIDENTIAL DECREE NO. 251 WHICH AMENDED REPUBLIC ACT 3844, AS AMENDED

WHEREAS, there is a need to further amend Presidential
Decree No. 251 to strengthen the implementation of agrarian reform
envisioned under Presidential Decree Nos. 27 and 85, dated October 21,
1972 and December 25, 1972, respectively;

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, do hereby order and
decree:

SECTION 1. The second paragraph of Section 98 of Republic
Act 3844 as amended by Section 21 of Presidential Decree No. 251, is
further amended to read as follows:

“The exemption authorized in the preceding paragraph of this
section shall apply to all property of the Bank, to the resources,
receipts, expenditures, profits and income of the Bank, as well as to
all contracts, deeds, documents and transactions related to the conduct
of the business of the Bank: Provided, however, That said
exemptions shall apply only to such taxes and assessments for which the
Bank itself would otherwise be liable and shall not apply to taxes or
assessments payable by persons or other entities doing business with the
Bank.”

SEC. 2. Repealing Clause. — All laws, executive
orders, rules and regulations or parts thereof inconsistent with this
Decree are hereby repealed and/or modified accordingly.

SEC. 3. Effectivity. — This Decree shall take
effect immediately.

Done in the City of Manila, this 22nd day of November, in the
year of Our Lord, nineteen hundred and seventy-three.