Preamble
WHEREAS, tax privileges have been granted to certain international civic organizations in recognition of their non-profit character and the assistance being accorded by these organizations to various undertakings in the country; WHEREAS, under R.A. No. 3538 as amended by R.A. No. 4169, the tax exemptions granted to the Ford Foundation, Rockefeller Foundation, the Agricultural Development Council, Inc. and the foster Parent Plan are not extended to the Asia Foundation, Inc.; WHEREAS, in recognition of the humanitarian efforts of the Asia Foundation and in order to better enable the same to continue its operations in the country, the grant of similar tax exemptions to the Asia Foundation is deemed appropriate; NOW, THEREFORE I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree the following as part of the law of the land: