AMENDING SECTION ONE OF PRESIDENTIAL DECREE NO. 697 ENTITLED "AUTHORIZING THE EXEMPTION FROM PAYMENT OF DONOR'S TAX AND RECOGNIZING AS DEDUCTIBLE BUSINESS EXPENSE IRREVOCABLE DONATIONS OF AMERICAN-OWNED PRIVATE LANDS ACQUIRED UNDER THE LAUREL-LANGLEY AGREEMENT".

• Number: Presidential Decree No. 762
• Sections: 2

Preamble

I, FERDINAND E. MARCOS, President of the Philippines, by

virtue of the powers vested in me by the Constitution, do hereby order

and decree: SECTION 1. Section 1 of Presidential Decree No. 697, dated

May 9, 1975, is hereby amended to read as follows:

"SECTION 1. The provisions of the National Internal

Revenue Code, as amended, and other laws to the contrary

notwithstanding, irrevocable donations of American-owned private lands

acquired under the Laurel-Langley Agreement shall be exempt from payment

of donor's tax provided that such donations meet the following

requirements:

"a. Donations of private lands shall be at the fair market

value as evidenced by the amount established in 1974 as a basis for real

estate tax payment.

"b. Donations shall be made in favor of the following qualified

donees:

"1. The National Government or any entity created by any of

its agencies which is not conducted for profit or to any political

subdivision of the said Government.

"2. Any charitable or scientific organization with a

nationwide scope of activities and widely recognized as such, i.e.,

Philippine Red Cross, Community Chest, Boy Scouts of the Philippines,

Philippine Heart Foundation."

Section 2

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 1st day of August, in the year

of Our Lord, nineteen hundred and seventy-five.

(Sgd.)

FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.)

ALEJANDRO MELCHOR

Executive Secretary