Preamble
WHEREAS, under its Charter (Presidential Decree 286, as amended by Presidential! Decree 696), Philippine Aerospace Development Corporation (PADC), a government corporation, is exempt from all national and local taxes, duties and fees for seven (7) years from date of promulgation of charter, and which period expired on June 30, 1981. Whereas, due to heavy losses in operations, in view of the burdensome interests on foreign borrowings, the financial standing of PADC is not in a position to meet the taxes, fees and duties due. WHEREAS, aviation industry which PADC is legally mandated to develop, needs Government assistance and support. 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: