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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 660 - INCLUSION
OF OPERATING MINES WITHIN THE PURVIEW OF Sec. 53 OF PRESIDENTIAL
DECREE NO. 463, AS AMENDED
WHEREAS, mineral export is among
the top foreign exchange earners of the country; Since 19.07.98.
WHEREAS, in order to derive maximum benefits from the country’s mineral
resources, extraction must be maximized and accelerated;
WHEREAS, several operating mining companies have large and/or newly
discovered ore reserves that could be developed by expanded operations;
WHEREAS, Sec. 53 of Presidential Decree No. 463, as amended, limits
the tax exemption privileges to new mines and old mines resuming
operations;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by law, do hereby order the
inclusion of operating mines with the large and/or newly discovered ore
reserves among those to be entitled to tax exemption under Sec. 53
of Presidential Decree No. 463, as amended, as determined by the
Minister of Natural Resources upon recommendation of the Director of
Mines and Geo-Sciences: Provided, however, That the period of tax
exemption shall commence from the date of the first bona fide order of
machineries, equipment, tools for production, plants to convert mineral
ores into saleable form, spare parts, supplies, materials, accessories,
explosives, chemicals and transportation and communication facilities
needed for expanded operations and to end two (2) years from the date
of first expanded operation, subject to rules and regulations issued by
the Minister of Natural Resources upon recommendation of the Director
of Mines and Geo-Sciences.
This Order shall take effect immediately.
Done in the City of Manila,
this 4th day of March, in the year of Our Lord, nineteen hundred and
eighty-one.
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