WHEREAS, in compliance with anti-pollution laws, industrial
plants operating in the PHIVIDEC Industrial Estates have installed
anti-pollution systems to protect the community where these plants are located
from the degradation of the environmental condition;
WHEREAS, the installation and maintenance of the
anti-pollution systems entail enormous expenses, which add up to the cost of the
industrial plants, yet these devices and equipment do not contribute to the
production outputs of the plants;
WHEREAS, these anti-pollution systems are subject to payment
of real property taxes imposed by the PHIVIDEC Industrial Authority pursuant to
PD 538;
WHEREAS, considering that these anti-pollution systems are
installed in industrial plants, they are assessed for taxation purposes at the
maximum assessment level of 80%, thereby subjecting industrial operators in the
PHIVIDEC Industrial Estates to the payment of higher realty taxes;
WHEREAS, an effective way of encouraging investors to put up
additional industrial plants in the area, is to reduce real property taxes due
on the anti-pollution systems;
WHEREAS, under Presidential Decree No. 464, as amended by
Presidential Decree No. 1812, the president of the Philippines is empowered to
adjust the assessment levels or assessed values of real properties whenever
found necessary and in the interest of the general welfare;
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 the following;