Amending Section 4 Of Presidential Decree No. 15 DatedOctober 5, 1972, Creating The Cultural Center Of The Philippines
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Amending Section 4 Of Presidential Decree No. 15 DatedOctober 5, 1972, Creating The Cultural Center Of The Philippines
Presidential Decree No. 179
April 26, 1973
Case Overview and Summary
Summary of Presidential Decree No. 179Nature and Corporate Powers of the Cultural Center of the Philippines (CCP):
- The CCP is a non-municipal public corporation with perpetual succession and the power to sue and be sued, contract, own and manage property, receive gifts and bequests, invest funds, adopt a seal and by-laws, and perform necessary acts to carry out its objectives. (Section 1, 2)
- With the President's approval and the Secretary of Finance's recommendation, the CCP can issue tax-exempt bonds and certificates of indebtedness guaranteed by the government, with terms determined by the Board of Trustees. (Section 2)
Board of Trustees and Governance:
- The Board of Trustees shall ordain and promulgate rules and regulations governing the CCP, including organization, meetings, officers, and duties, through a Code of By-laws passed by a majority plus one vote. (Section 3(a))
- The Board shall approve the annual and supplemental budgets, which shall be final and not subject to further approval. (Section 3(b))
- The Board shall establish an independent procurement system for supplies, materials, equipment, and services, not subject to further approval. (Section 3(c))
Financing and Tax Exemptions:
- The CCP shall be financed by income from operations, private contributions (local and foreign), and tax-free bond flotation. (Section 4)
- 5% of total annual amusement tax collections is appropriated for the CCP's yearly maintenance and support or as decided by the Board. (Section 4)
- Government corporations can contribute up to 15% of their annual unimpaired surplus to the CCP, and such contributions shall be fully deductible. (Section 4)
- The CCP is exempted from all forms of taxation, duties, and imposts on imported equipment, articles, goods, or services reasonably necessary for its operations. (Section 5)
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Executive Issuances
Presidential Decrees
Cultural Center of the Philippines
non-municipal public corporation
corporate powers
bond issuance
tax exemptions
budget approval
procurement system
financing sources
amusement tax allocation
contributions
tax deductions
import duty exemptions
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Amending Section 4 Of Presidential Decree No. 15 DatedOctober 5, 1972, Creating The Cultural Center Of The Philippines
Presidential Decree No. 179
•April 26, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 179 April 26, 1973
AMENDING SECTION 4 OF PRESIDENTIAL DECREE NO. 15 DATED OCTOBER 5, 1972, CREATING THE CULTURAL CENTER OF THE PHILIPPINES
WHEREAS, the Cultural Center of the Philippines was created by Presidential Decree No. 15 dated October 5, 1972, to implement more effectively and vigorously the constitutional injunction that arts and letters shall be under the patronage of the State; and
WHEREAS, to enable the Center to carry out these cultural objectives, it must have the authority to raise funds by public patronage through the medium of flotation of bonds or other forms of indebtedness;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081 dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, in order to promote, enhance and develop Philippine culture, do hereby order and decree as follows:
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