PRESIDENTIAL DECREE No. 1115

AUTHORIZING THE AIR MANILA, INC. TO PAY TWO PERCENT FRANCHISE TAX IN LIEU OF ALL OTHER TAXES

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 attributed to a great extent in this program;

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

Section 2. This Decree shall take effect immediately.

DONE in the City of Manila, this 12th day of April, in the year of Our Lord, nineteen hundred and seventy-seven.