Preamble
WHEREAS, the Foundation for Youth Development in the Philippines, Inc. (FYDP) is a non-stock, non-profit foundation duly registered with the Securities and Exchange Commission, and a social welfare organization, no part of the net income of which inures to the benefit of any of its members; WHEREAS, among its purposes is to promote, support and maintain coordinated, systematic, active and extensive participation of public and private institutions and/or individuals in the broad field of education for youth, particularly those out of school; and to formulate plans for the improvement of extension education, including practical ways and means of moving from the non-stock corporation type of organization to the endowed educational foundation. WHEREAS, in the pursuit of its goals the FYDP needs funds and resources to support its operations and activities; WHEREAS, at present the earnings of investments of the FYDP are being subjected to tax, including the 15% Withholding Tax on bank deposits; and WHEREAS, considering the social welfare nature of its activities and undertakings for youth development, which makes it a partner of government in this regard, it is but fitting and proper that its earnings be exempt from taxes. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree: