Official Gazette for February 21, 1973: MALACAÑANG HAS RELEASED the official text of two Presidential decrees, one providing for the allocation and expenditures of all money accruing to the Highway Special Fund and the other imposing a tax of 15 per cent on interest on foreign loan. Presidential Decree No. 130 which further amends PD No. 17 provides that at least six per cent of all money accruing to the Highway Special Fund shall be made available for administering the provisions of the Act as the secretary of public works, transportation, and communications may deem necessary, four per cent allotted for administrative management and two per cent to be allotted for engineering management. These allocations shall be used exclusively to pay the salaries and other operational expenses of officials and employees of the Bureau of Public Highways engaged in administrative management and engineering management, as defined in the act. Presidential Decree No. 131 on the other hand, further amends Sees. 24 (b) (1) and 53 (b) (2) of the National Internal Revenue Code, as amended, by imposing a tax of 15 per cent on interest on foreign loans earned beginning Jan, 1, 1973. The decree states that it is imperative to adopt measures responsive to the requirements of a developing economy, foremost of which is the speedy restructuring of the social, economic and political institutions of the country. Economic development of this country needs funding from domestic and foreign sources and in order to attract loans from foreign countries, an appropriate tax on their income should be levied on interests earned and remitted abroad.
TAXPAYERS WHO HAVE delinquent accounts with the Bureau of Internal Revenue have only up to Feb. 28 to avail themselves of the tax amnesty granted under Presidential Decree No. 68, according to the Department of Finance, Under the decree, delinquent tax accounts which remained unpaid, involving an amount exceeding P100, are reduced by 20 per cent if these are paid in full on or before February 28. Failure to avail of the amnesty before deadline renders the delinquent tax accounts as final, executory and demandable and shall be collected by court action, by distraint and levy, or both, simultaneously.
LAND TRANSPORTATION COMMISSION announced that the last day for the payments of registration fees of all “for hire” motor vehicles is on Feb. 28, 1973. All LTC agencies throughout the country will be open until 10 p.m. to accept last-hour payments. According to the LTC the usual payments of 1st installments of their registration fees may accepted on or before Feb. 28th and the second installments on or before Aug. 31, 1973. Similarly, the LTC also announced that the last day for Payment of registration fees of private motor vehicles for the current year is May 31, 1973.
THE PRESIDENT designated two special groups of presidential assistants to conduct a performance and management audit of provincial governments and a number of state corporations which have not lived up to expectations. The President is particularly interested in finding out how local governments are implementing the program of reforms, especially those dealing with development and the elimination of political patronage. The first group, to handle state firms, will be composed of Presidential Executive Assistant Jacobo C. Clave and Presidential Assistants Guillermo C. de Vega and Juan C. Tuvera. The second team includes the presidential trouble shooters, former senators Leonardo B. Perez and Rene Espina and former Congressmen Jose D. Aspiras of La Union and Carmelo Z. Barbero of Abra.
SECRETARY OF INFORMATION Francisco S. Tatad said that the government will help firms that are indebted to state financing and lending institutions get back on their feet, but will institute foreclosure proceeding against big borrowers who try to defraud their creditors. He explained in a briefing that the government will avail itself of funds and inject competent management in enterprises managed by people without expertise and competence to enable them to recover and settle their obligations. He stressed, however, that foreclosure suits will be filed against firms found to be under the following conditions: 1) If there is deliberate refusal on the part of the delinquent company to pay its debts in spite of its capability to pay; 2) If there is concealment of assets of the borrower with the intent to defraud its creditor; and 3) If there is illicit channeling of the assets of the delinquent borrowers with intent to defraud its creditors.
DANGEROUS DRUGS BOARD approved guidelines for hospital and community pharmacists in their reports on the dispensing of medicine and filling of physician’s prescriptions. Reports required of pharmacists are of three categories namely: 1) records of dangerous drugs dispensed for in-patients in hospitals and similar institutions; 2) records of dangerous drugs required of pharmacists dealing in dangerous drugs required under Sec. 25(a), Republic Act 6425, as amended, and 3) quarterly reports of dangerous drugs dispensed in in-patient wards of hospitals and similar institutions.
It is unknown where this text comes from, because this entry is missing.
Answered the Bangkok Post headline of Ninoy [Benigno] Aquino’s [Jr.] “I will not accept amnesty” story. Sec. Kits [Francisco] Tatad sent the reply.
Continued the study of placements by the government financing institutions of loans and guarantees as compared to the deficiencies of our economy.
We must now go into:
- Tractor manufacture–later tank manufacture
- Blast furnace (steel)—[Mambeni-Lida?] has submitted an offer jointly with Nippon Steel.
Met the mayor of Hamburg, Germany.
Briefing on Philcomsat’s [Philippine Communications Satellite Corporation] satellite communications through acquisition of PT & T Troubleshooters. Jose Aspiras to go to Tourism which may become a separate department.
Basilan.
New York Times story.
Sale of Meralco [Manila Electric Company].
Story of Miss Beth Day for Readers Digest.