Section 10
Section 10 of Presidential Decree 286, as amended by Presidential Decree 696, is further amended to read as follows: "Section 10. Exemptions.—The Corporation and its subsidiaries shall be exempt from all national and local taxes, duties and fees, and shall not be subject to tariff, compensating tax and all other taxes, assessments and charges for their importation of machineries, equipments, devices, goods and spare parts and other items to be used for the purpose authorized under this Decree." The effectivity of this Decree shall retroact to July 1, 1981. Done in the City of Manila this 31st day of January, in the year of Our Lord, nineteen hundred and eighty-four. (Sgd.) FERDINAND E. MARCOS President Republic of the Philippines By the President: (Sgd.) MANUEL M. LAZARO Presidential Assistant for Legal Affairs