PRESIDENTIAL DECREE No. 762

AMENDING SECTION ONE OF PRESIDENTIAL DECREE NO. 697 ENTITLED "AUTHORIZING THE EXEMPTION FROM PAYMENT OF DONOR'S TAX AND RECOGNIZING AS DEDUCTIBLE BUSINESS EXPENSE IRREVOCABLE DONATIONS OF AMERICAN-OWNED PRIVATE LANDS ACQUIRED UNDER THE LAUREL-LANGLEY AGREEMENT"

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 1 of Presidential Decree No. 697, dated May 9, 1975, is hereby amended to read as follows:

"Sec. 1. The provisions of the National Internal Revenue Code, as amended, and other laws to the contrary notwithstanding, irrevocable donations of American-owned private lands acquired under the Laurel-Langley Agreement shall be exempt from payment of donor's tax provided that such donations meet the following requirements:

"a. Donations of private lands shall be at the fair market value as evidenced by the amount established in 1974 as a basis for real estate tax payment.

"b. Donations shall be made in favor of the following qualified donees:

"1. The National Government or any entity created by any of its agencies which is not conducted for profit or to any political subdivision of the said Government.

"2. Any charitable or scientific organization with a nationwide scope of activities and widely recognized as such, i.e., Philippine Red Cross, Community Chest, Boy Scouts of the Philippines, Philippine Heart Foundation."

Section 2. This Decree shall take effect immediately.

Done in the City of Manila, this 1st day of August, in the year of Our Lord, nineteen hundred and seventy-five.