Preamble
WHEREAS, for the purpose of accelerating industrial dispersal, employment generation and export promotion, LOI 1033 as amended the development of twelve (12) more export processing zones in strategic locations in the Philippines; WHEREAS, in order to make export processing zones more competitive and attractive to potential investors, and to increase the capability and effectiveness of the Export Processing Zone Authority (EPZA) in the attainment of its objectives, it has become necessary to update and amend the incentive schemes for enterprises within the zone; 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 the further amendment of Presidential Decree No. 66 dated November 20, 1972, as amended, as follows: SECTION l. Gross receipts of or from registered zone enterprises shall be exempt from the contractor's tax under Section 205 of the Tax Code of 1977, as amended.