WHEREAS, LOI 1416 has authorized the suspension of payment
of taxes, duties, fees, imposts and other charges, whether direct or indirect,
due and payable by the copper mining companies in distress to the national and
local governments:
WHEREAS, copper mining companies continue to suffer because
of the continued drop in world copper prices;
WHEREAS, said industry will continue to deteriorate without
further assistance from the government;
WHEREAS, the government is determined to keep the industry
viable considering that it earns substantial foreign exchange for the
country;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Republic of Philippines by virtue of the powers vested in me by the
Constitution, do hereby order:
The accumulated taxes, duties, fees, imposts and other charges of copper
mining companies which have been suspended pursuant to LOI 1416, may be waived
under the conditions herein provided.
Only mining companies as determined by the Ministry of Trade and Industry to
be in distress such that the payment of accumulated taxes, duties, fees, imposts
and other charges under present economic conditions will cause irreparable
injury to their viable operations may avail of the above waiver.
The evaluation of the Ministry of Trade and Industry will be done on a
quarterly basis upon application by a distressed mining company and shall take
into account the existing copper world market prices, foreign exchange earnings
of the applicant, cash position of the company, profitability of the company,
and such other criteria indicative of the continuing inability to pay the
aforesaid obligations to the government.
The Ministry of Trade and Industry shall have the authority to certify
copper mining companies as eligible for waiver of accumulated taxes, duties,
fees, imposts and other charges. The actual waiver shall be effective upon
approval by the President.
The Ministry of Trade and industry is authorized to promulgate the
implementing rules of this Order.
This Order shall take effect immediately.
Done in the City of Manila, this 4th day of February, in the year of Our
Lord, nineteen hundred and eighty-six.
(Sgd.) FERDINAND E. MARCOS
President of the
Philippines
By the President:
(Sgd.) JUAN C. TUVERA
Presidential Executive
Assistant