Preamble
WHEREAS, in compliance with anti-pollution laws, industrial plants operating in the PHIVIDEC Industrial Estates have installed anti-pollution systems to protect the community where these plants are located from the degradation of the environmental condition; WHEREAS, the installation and maintenance of the anti-pollution systems entail enormous expenses, which add up to the cost of the industrial plants, yet these devices and equipment do not contribute to the production outputs of the plants; WHEREAS, these anti-pollution systems are subject to payment of real property taxes imposed by the PHIVIDEC Industrial Authority pursuant to PD 538; WHEREAS, considering that these anti-pollution systems are installed in industrial plants, they are assessed for taxation purposes at the maximum assessment level of 80%, thereby subjecting industrial operators in the PHIVIDEC Industrial Estates to the payment of higher realty taxes; WHEREAS, an effective way of encouraging investors to put up additional industrial plants in the area, is to reduce real property taxes due on the anti-pollution systems; WHEREAS, under Presidential Decree No. 464, as amended by Presidential Decree No. 1812, the president of the Philippines is empowered to adjust the assessment levels or assessed values of real properties whenever found necessary and in the interest of the general welfare; 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 following;