GRANT OF ADDITIONAL INCENTIVES TO ACCELERATE THE COCONUT PRODUCTIVITY PROGRAM

• Number: Presidential Decree No. 1997
• Sections: 4

Preamble

WHEREAS, the current economic crisis amounts to a grave

emergency which affects the stability of the nation and requires immediate

action;

WHEREAS, as part of the national economic recovery efforts,

it is necessary to accelerate the coconut productivity program by liberalizing

the availment of incentives or assistance to those who would like to participate

in and implement the coconut productivity program;

WHEREAS, it is also necessary to provide the necessary

appropriation to enable Government to program 30,000 hectares a year for coconut

planting/replanting;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the

Republic of the Philippines, by virtue of the powers vested in me by the

Constitution and laws, do hereby order and decree the following:

Section 1

SECTION 1. Section 3 of P.D. 1972 is hereby amended to read

as follows:

"In accordance with the general government policy of self-reliance and in

order to encourage the private sector to devise and implement their own planting

or replanting program, the Government through the Philippine Coconut Authority

(PCA) hereby, adopts a supplementary program of financial assistance by

appropriating funds from out of the revenue of the national government and/or

local government and, as may be determined by the President from out of

borrowings, so that 30,000 hectares could be programmed per year for planting or

replanting. Government assistance can be given in the form of incentives, such

as:

Tax credits or duty rebates if the persons or entities which have paid taxes

or duties have advanced invested funds in accordance with laws and implementing

rules and regulations.

Refunds of reasonable amounts actually spent invested by qualified persons

or entities in projects that qualify under the coconut planting/replanting

program of the Government.

Tax and duty exemptions for capital equipment utilized in the development of

such projects.

Exemption from payment of: (i) donor's and donee's taxes on any amount

contributed to the Program and/or the Project; and (ii) real property taxes on

lands included in the Project as well as on all improvements introduced therein

and all machinery and equipment therein located for a period of ten (10) years

from date of approval of the Project.

The Project or any participating person or entity may acquire lands or

interest therein, notwithstanding any prohibition or restrictions imposed by

Commonwealth Act No. 141, as amended, otherwise known as the Public Land Act;

Provided, the proposed owners qualify under nationality requirements of the

Constitution of the Philippines.''

Section 2

SEC. 2. The President may grant new or additional incentives

or modify existing ones in order to ensure the continued viability of the

coconut productivity program.

Section 3

SEC. 3. This Decree shall take effect immediately.

DONE in the City of Manila, this 7th day of November in the year of Our Lord,

nineteen hundred and eighty-five.

(Sgd.) FERDINAND E. MARCOS

President of the

Philippines

By the President:

(Sgd.) JUAN C. TUVERA

Presidential Executive

Assistant