Section 2
SEC. 2. Subsection (a) of Section Eight of the same Act is hereby amended as follows: "SEC. 8. Incentives to a Pioneer Enterprise. — In addition to the incentives provided in the preceding section, pioneer enterprises shall be granted the following incentive benefits: "(a) Tax Exemption. — Exemption from all taxes under the National Internal Revenue Code, except income tax, from the date the area of investment is included in the Investment Priorities Plan to the following extent: (1) One hundred per cent (100%) for the first five years; (2) Seventy-five per cent (75%) for the sixth through the eighth year; (3) Fifty per cent (50%) for the ninth and tenth year; (4) Twenty per cent (20%) for the eleventh and twelfth years; and (5) Ten per cent (10%) for the thirteenth through the fifteenth year. Provided, That the above schedule shall apply only to enterprises registered in areas included for the first time in the sixth or subsequent Investment Priorities Plan or therein carried over from the previous Investment Priorities Plan: Provided, however, That in areas previously declared preferred and/or carried over the sixth or subsequent Investment Priorities Plan and wherein enterprises have already registered, the exemption herein provided shall be as follows: (1) One hundred per cent (100%) up to December 31, 1972; (2) Seventy-five per cent (75%) up to December 31, 1975; (3) Fifty per cent (50%) up to December 31, 1977; (4) Twenty per cent (20%) up to December 31, 1979; (5) Ten per cent (10%) up to December 31, 1981; Provided, further, That subject to the approval of the National Economic Development Authority, the Board may extend the duration of the tax exemption provided in any bracket for pioneer projects whose total costs would exceed one hundred million pesos (P100,000,000) subject to the condition that in no case shall the total period of exemption herein exceed twenty (20) years."