PRESIDENTIAL DECREE No. 1491

AMENDING SECTION 8 OF PRESIDENTIAL DECREE NUMBERED FIVE HUNDRED THIRTY-EIGHT

WHEREAS, the Government has encouraged and supported the establishment of export-oriented industries in Phividec Industrial Areas;

WHEREAS, to bolster the above policy of the Government, there is a need to provide additional incentives therefor;

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. Section 8 of Presidential Decree No. 538 is hereby amended to read as follows:

"Sec. 8. Tax Treatment of Merchandise in the Areas. Any provision of law to the contrary notwithstanding, raw materials, supplies, articles, equipment, machineries, spare parts and wares of every description, except those prohibited by law, brought in the Areas and utilized in the production, storing, packing and shipment of goods meant for foreign markets shall be exempt from customs duties, internal revenue taxes, local tax ordinances, and wharfage dues on those brought after January 1, 1977 through piers or wharves constructed by the importer with his or its private funds."

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Section 2. This Decree shall take effect immediately.

Done in the City of Manila, this 11th day of June, in the year of Our Lord, nineteen hundred and seventy-eight.