Amending Section 4 Of Presidential Decree No. 15 DatedOctober 5, 1972, Creating The Cultural Center Of The Philippines

Case Overview and Summary

Summary of Presidential Decree No. 179

Nature 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)