I, FERDINAND E. MARCOS, President of the Philippines, by
virtue of the powers in me vested by the Constitution as Commander-in-Chief of
all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081,
dated September 21, 1972, and General Order No. 1, dated September 22,1972, as
amended, do hereby decree and order—
That, provisions of any existing law to the contrary notwithstanding, social
security benefits, retirement gratuities, pensions and other similar benefits
received by retiring employees and workers, whether received from Philippine or
foreign government agencies and other institutions, private or public, shall be
exempt from the payment of income tax;
That this Decree shall be effective immediately after its approval.
Done in the City of Manila, this 20th day of June, in the year of Our Lord,
nineteen hundred and seventy-three.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.) ROBERTO V. REYES
Assistant Executive Secretary