WHEREAS, the promotion and development of tourism is one of the major programs of the Administration; and

WHEREAS, the Air Manila, Inc., a domestic airline duly licensed to operate domestic and international air charter services, has contributed to a great extent in this program;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the power vested in me by the Constitution, do hereby decree and order;

SECTION 1. Any provisions of the Tariff and Code and all other laws on the contrary notwithstanding, the Air Manila, Inc., is hereby authorize to pay a two percent (2%) franchise tax in lieu of all taxes, including compensating and duly taxes for its importation of equipment, fuels, lubricants, spare parts and accessories necessary for its operations.