WHEREAS, under its Charter (Presidential Decree 286, as
amended by Presidential! Decree 696), Philippine Aerospace Development
Corporation (PADC), a government corporation, is exempt from all national and
local taxes, duties and fees for seven (7) years from date of promulgation of
charter, and which period expired on June 30, 1981.
Whereas, due to heavy
losses in operations, in view of the burdensome interests on foreign borrowings,
the financial standing of PADC is not in a position to meet the taxes, fees and
duties due.
WHEREAS, aviation industry which PADC is legally mandated to develop, needs Government assistance and support.
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:
Done in the City of Manila this 31st day of January, in the year of Our Lord, nineteen hundred and eighty-four.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
By the President: (Sgd.) MANUEL M. LAZARO Presidential Assistant for Legal Affairs