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TO:

The Minister of Finance The Minister of Trade and Industry The Minister of Transportation and Communications The Minister of Public Works and Highways The Governor, Central Bank of the Philippines The Commissioner, Bureau of Customs The Commissioner, Bureau of Internal Revenue The General Manager, Philippine Ports Authority

WHEREAS, the Government through the Philippine Ports Authority, a government-owned corporation, desires to establish the Vitas Container Terminal and Warehousing Project in the Port of Manila on a high priority basis to be completed as soon as possible;

WHEREAS, Coutinho Caro and Co., Ltd. of the United Kingdom has been contracted by the Government to undertake the said Project on a turn-key basis;

WHEREAS, the entire project will be financed by foreign borrowings;

WHEREAS, the FOREIGN BORROWING ACT (RA 4860) as amended by Presidential Decree No. 150 authorized the President of the Republic of the Philippines to grant tax exemption to such foreign-financed projects;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby direct the following:

1. That the Contract for the Vitas Container Terminal and Warehousing Project Complex in the Port of Manila with Coutinho Caro and Co., Ltd. shall be exempted  from all Philippine taxes, such as, but not limited to income, sales and contractor's national or local governments or agencies.
   
   
2. That such tax exemption is hereby granted to Coutinho Caro and Co., Ltd. exclusively and shall not apply to the local sub-contractors that the said Company may engage or employ in the execution of the aforementioned contract.

Done in the City of Manila, this 25th day of March a the year of Our Lord, nineteen hundred and eighty-three.