REQUIRING THE SUBMISSION OF STATEMENT OF ASSETS, LIABILITIES AND NET WORTH<SUP STYLE="COLOR: RGB(255, 0, 0);">[*]</SUP>

• Number: Presidential Decree No. 379
• Sections: 11

Preamble

WHEREAS, there is an urgent need to compile and collate

statistical data on property ownership to determine the overall assets

of the country; and

WHEREAS, there is a necessity to establish a data bank for

purposes of economic development planning and judicious allocation of

natural resources and capital;

NOW, THEREFORE, 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, whereby I have

assumed direction of the operations of the entire Government, do hereby

order and decree:

SECTION I. Who Must File. — Any provision of existing

laws to the contrary notwithstanding, all persons, whether natural or

juridical, having gross assets of P50,000 or more, as of December 31,

1973, regardless of the net worth, shall file a sworn statement of

assets, liabilities and net worth.

Section 2 When and Where to File.

SEC. 2. When and Where to File. — The statement of

assets, liabilities and net worth in the form prescribed shall be filed

on or before September 30, 1974 with the Commissioner of Internal

Revenue, Regional Director, Revenue District Officer, Collection Agent

or the Municipal Treasurer who has been designated as collection officer

of the Bureau of Internal Revenue, where the taxpayer has his/its place

of business or his/its legal residence. If there is no office or place

of business in the Philippines or if there be no legal residence, the

statement must be filed with the Commissioner of Internal Revenue in

Manila.

The statement of assets, liabilities and net worth as of December

31, 1973 required to be filed by Republic Act No. 3019 and other laws

shall likewise be filed on or before September 30, 1974 instead of the

due dales for filing provided for in the said Republic acts. Subsequent

statements shall be filed in accordance with the provisions of the said

laws.

Section 3 Exemptions from Filing.

SEC. 3. Exemptions from Filing. — The following

are not required to file statement of assets, liabilities and net worth:

An individual, the total gross value of whose assets docs

not exceed P50,000.00;

Diplomatic or consular representatives and officers of

foreign governments;

Members of the Armed Forces of the United States

Government in the active service who are stationed in the Philippines;

and

Officials and officers, who are not citizens of the

Philippines, of multinational corporations or of agencies of the United

Nations or foreign or international regional organizations established

in the Philippines.

Section 4 Definitions.

SEC. 4. Definitions. — (a) The term "person" means

an individual, trust, estate, corporation, or a duly registered general

partnership, more specifically detailed as follows:

Citizens of the Philippines whether residing here or

abroad;

Resident aliens;

Nonresident aliens, whether or not engaged in trade or

business in the Philippines, with respect to properties of whatever kind

and nature situated in the Philippines;

Domestic corporations no matter how created or organized

and for whatever purposes;

Resident foreign corporations;

Nonresident foreign corporations engaged in trade or

business in the Philippines or nonresident foreign corporations having

properties of whatever kind or nature situated in the Philippines;

General professional partnerships and duly registered

general co-partnerships; and

Estates and trusts.

(b) The term "net worth" is the difference between total assets

and total liabilities.

Section 5 Contents of Statement.

SEC. 5. Contents of Statement.

— The statement shall contain all the assets of the person, whether

real or personal, and whether used in business or not. It shall also

include those assets declared and included under Presidential Decree

Nos. 23, 157, 213 and 370.

The liabilities shall include all

known debts, which are legitimate and enforceable obligations, whether

secured or unsecured, and whether incurred or not in trade or business.

Section 6 Valuation.

SEC. 6. Valuation. — (a) Assets. —

Real properties. — In the case of real properties, the

cost of acquisition and valuation estimated by the person and contained

in the statement filed under Presidential Decree No. 76 shall be

included in the statement. However, for the purpose of computing the

gross assets and net worth, the cost of acquisition shall be considered.

Personal Properties. — In the case of personal

properties, the cost of acquisition must be the amount reported in the

statement; if used in trade or business, the depreciated value as of

December 31, 1973 as shown by his books of accounts shall be reported.

(b) Liabilities. — Only legitimate and enforceable

obligations reducible in sums of money and existing as of December 31,

1973 shall be included in the statement.

Section 7 Nature of Declaration.

SEC. 7. Nature of Declaration. — (a) The

statement shall contain a declaration that the taxpayer or his

authorized representative made it under penalties of perjury.

(b) Any declaration on the statement shall not give rise to

any liability to any tax, national or local, or to any liability under

the Revised Administrative Code, the Revised Penal Code, the Anti-Graft

and Corrupt Practices Act, the law or laws on immigration,

naturalization or deportation, the National Internal Revenue Code, nor

to any law, proclamation or decree applicable thereto. However, the

statement of assets, liabilities and net worth, for tax purposes in the

future, shall be considered as his true and accurate net worth as of

December 31, 1973.

Section 8 Unlawful Divulgence of Information.

SEC. 8. Unlawful Divulgence of

Information.— (a) No information in the statement herein required

shall be published except in the form of tabulations and summaries

having no reference to the person.

(b) It shall be unlawful for

any officer or employee of the Bureau of Internal Revenue or any

government entity having knowledge of such declaration of assets,

liabilities and net worth to disclose to any person any information

relative to such declaration, except as provided in Section 7(b) and any

violation hereof shall subject such offender to a fine in the amount of

not less than five thousand pesos (P5,000) or imprisonment of not less

than two (2) years, or both, and shall be summarily dismissed from the

service for cause.

Section 9 Penalties for Failure to File Statement or Rendering False or Fraudulent Statement.

SEC. 9. Penalties for Failure to

File Statement or Rendering False or Fraudulent Statement. — Any

person required to file the statement under this Decree who knowingly

makes a false declaration or who deliberately fails to comply with any

of the provisions hereof shall, upon conviction, pay a fine of not less

than five thousand pesos (P5,000) and imprisonment of not less than two

years.

If the offense is committed by a juridical person, the

manager or person in charge of the management of the business or affairs

thereof shall be responsible therefor and, upon conviction, shall pay a

fine of not less than five thousand pesos (P5,000) and imprisonment of

not less than two years.

Section 10 Rules and Regulations.

SEC. 10. Rules and Regulations. — The Secretary

of Finance shall issue the necessary rules and regulations to implement

this Decree, upon recommendation of the Commissioner of Internal

Revenue.

Section 11 Effectivity.

SEC. 11. Effectivity. — This Decree shall take

effect immediately.

Done in the City of Manila, this 21st day of January, in the

year of Our Lord, nineteen hundred and seventy-four.

(Sgd.) FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.) ROBERTO V. REYES

Acting Executive Secretary

In order to facilitate the implementation of Presidential

Decree No. 379, the Office of the President issued Memorandum Circular

No. 699, dated January 29, 1974, reminding all concerned on the

obligation to file statements of assets, liabilities and net worth.

[*] Amended by

Presidential Decree No. 417.