Section 2
SEC. 2. Section 15 of Presidential Decree No. 334, as amended, is hereby further amended to read as follows: "SEC. 15. Privileges and Incentives. — The Company shall be entitled to all the incentives and privileges granted by law to private enterprises engaged in petroleum or oil operations. "In addition the company shall be exempt from all taxes, duties, fees, imposts, and all other charges imposed directly or indirectly by the Republic of the Philippines, its provinces, cities, municipalities and other government agencies and instrumentalities: Provided, That the Company's affiliate corporations as provided in Section 13 hereof, as amended, shall be exempt only from all taxes, duties, fees, imposts, and all other charges imposed directly or indirectly by the Republic of the Philippines, its provinces, cities, municipalities and other government agencies and instrumentalities, on importations of aircrafts, vessels, tankers, barges and other floating structures, including any machinery, engines, motors, equipment, spare parts and materials thereof. "Other government offices and other government-owned or controlled corporations shall extend whatever assistance maybe needed by the Company or any of its affiliates and subsidiaries, including the detail of its officials and employees to the Company or any of its subsidiaries on full time or part time basis under arrangement satisfactory to the Company or any of its subsidiaries and the other office or corporation concerned. Said officials and employees, as well as the direction of the Company and its affiliates and subsidiaries, may receive allowances and other emoluments, notwithstanding the provision of any law to the contrary." "The employees of the Company shall be entitled to all the retirement and insurance benefits and leave privileges of government employees. However, subsidiaries of the Company organized to undertake purely business ventures shall not, as a matter of right, be subject to the provisions of the Government Service and Insurance System, as provided for under R. A. 186, as amended, as well as to any law, executive orders and decrees relating to leave of absences, retirement privileges, regular working hours, and other government employee benefits."