Official Gazette for November 17, 1973: THE PRESIDENT has promulgated Presidential Decree No. 304 which provides that the “realty tax on real property actually, directly, and exclusively used by the owner for educational purposes as prescribed PD 261 shall begin to accrue on January 1, 1975 instead of January 1, 1974. These real properties shall be listed and assessed for taxation purposes during the calendar year 1974 on the basis of 15 per cent of their current and fair market value in accordance with the provisions of PD 76, as amended by PD 261.
INTERNAL Revenue Commissioner Misael P. Vera issued the clarification that the income tax exemption for retirees covers social security benefits, gratuities, pensions and other similar benefits from foreign sources. Accordingly, similar benefits received by resident citizens, resident aliens and non-resident citizens from foreign governments or from foreign private entities during the taxable year 1973 (January 1 to December 31, 1973) and thereafter are exempt from Philippine income tax. Commissioner Vera issued the clarification in accordance with Presidential Decree No. 220 which exempts social security benefits retirement gratuities pensions and similar benefits from payment of income taxes.
SUPREME Court resolved to constitute itself into two divisions of six members each. This is in pursuance of Section 2 of Article X of the new Constitution. The first division will be composed of Chief Justice Querube Makalintal, as chairman, and have Justices Fred Ruiz Castro Claudio Teehankee, Felix V. Makasiar, Salvador V. Esguerra and Cecilia Muñoz Palma as members. The second division will consist of Justice Calixto O. Zaldivar, chairman, and for members, Enrique M Fernando Antonio P. Barredo, Felix Q. Antonio, Estanislao A. Fernandez and Ramon C. Aquino.Official Gazette for November 18, 1973: THE PRESIDENT has promulgated Presidential Decree No. 305, further amending certain sections of the National Internal Revenue Code governing private educational institutions, so that exemptions from the “income tax of such institutions be removed, and a fixed rate of tax be imposed on all their income. The decree provides that private educational institutions, whether stock or non-stock, shall pay a tax of 10 per cent of their taxable net income from the operation of the school, related school activities, and on their passive investment income consisting of interest dividends, royalties and the like. A corporation or association organized and operated exclusively for religious, charitable, scientific athletic or cultural purposes, or for the rehabilitation of veterans, no part of the net income of which inures to the benefit of any private stockholder or individual, shall be exempt from the tax on corporation. However the income of any of the foregoing organizations of whatever kind and character from any of their properties, real or personal, or from any activity conducted for profit, regardless of the disposition made of such income, shall be liable to the tax imposed under this title.
THE PRESIDENT has ordered the National Prime Commodities Operations Center to see it that there will be no cutbacks in production and personnel layoffs in industry as a result of the energy crisis. The presidential directive was discloses by Col. Pacifico Lopez de Leon, NPCOC executive director, during the concluding session of a three-day workshop on energy and oil sponsored by the Research and Management Associates.
THE PHILIPPINES and Bulgaria formally established diplomatic relations at embassy level. The Department of Foreign Affairs said a joint communique was signed at the Philippines Mission to the United Nations by Secretary of Foreign Affairs Carlos P. Romulo and Bulgarian Deputy Foreign Minister and permanent UN representative Guro Grozev.Official Gazette for November 19, 1973: THE PRESIDENT has created a special Rizal Day committee to ensure the successful observance throughout the Philippines of this year’s 77th death anniversary of Dr. Jose Rizal on December 30. Under Administrative Order No. 357, the special committee to take charge of all arrangements is composed of Education Undersecretary Narciso Albarracin as chairman and Assistant Executive Secretary Roberto V. Reyes as vice chairman. Under the said administrative order, the President authorizes the committee to meet at the call of the chairman, for the purpose of discharging its function, and it may create sub-committees, as necessary, the committee is likewise authorized to call any department, bureau, office, agency or instrumentality of the government, including government-owned or controlled corporations, for such assistance as it may need m discharging its duties and functions.
THE PRESIDENT received Australian Foreign Affairs Secretary Alain P. Renouf who made a courtesy call on the
We may be able to buy some oil from Saudi Arabia. The most authoritative information is brought back by Ramon del Rosario who just came from Riyadh. I attach the report.
And we buy Esso but I am asking that Esso improves on the Gulf Oil formula of 10% of equity to be paid and 25% of liabilities.
I attach my notes.
Chief Executive in the course of a brief stopover in Manila en route to Australia. Secretary Renouf informed the President that Prime Minister Gough Whitlam supports the President’s Asian Forum proposal. The Australian official also briefed the President on the latest developments in Europe, and exchanged views with the President on a wide range of matters of mutual interest between the Philippines and Australia.
THE PRESIDENT welcomed a joint government-private investment group from Singapore who had come to the Philippines to consider possible technical and financing assistance for a proposed pier complex for the Export Processing Zone in Mariveles, Bataan. Headed by Jacob Ballas, former president of the Singapore-Malaysia Stock Exchange, the group was made up of Chong Kek Clio and Teoh Jing Seng, director and assistant director, respectively, of the Singapore Port Authority, and Khor Tiam Siew, investments director of the Singapore Government Development Bank.
THE PRESIDENT was informed by the representatives of the companies entering into a joint venture that another large combine is now being formed to join the search for oil in the Philippines. Joseph D’Andrea, president of Westrans Industries of New York, and concurrently of Basic Petroleum, and Robert Spurlock and Donald Robilaud, chief negotiator and attorney, respectively, of Sun Oil, informed the President that they had already submitted their application for oil exploration and drilling on a service contract, with the Department of Agriculture and Natural Resources. The oil officials expressed eagerness to start operations as soon as possible because of the current world oil and energy crisis.
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