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charges heretofore granted to private business enterprises and/or persons engaged in any economic activity are hereby withdrawn, except those enjoyed by the following:
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orders, administrative orders, rules, regulations or parts thereof which "are inconsistent with this Decree are hereby repealed, amended or modified accordingly.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