April 12, 1985

LETTER OF INSTRUCTIONS NO. 1455

WHEREAS, the Philippine Heart Center for Asia (PHCA) was created under casia

WHEREAS, to accomplish its objectives, the PHCA has devoted seventy per cent (70%) of its patient load to charity cases;

WHEREAS, to maintain and sustain its operations particularly its free and subsidized medical services to a large number of underprivileged or financially handicapped individuals, it is necessary that PHCA continues to receive the privileges granted by the Government;

WHEREAS, on June 11, 1984,

WHEREAS, the exemption of the PHCA from the payment of all taxes, duties, fees and charges for a period of ten (10) years is about to expire;

WHEREAS, the withdrawal of the duty and tax exemption privileges of the PHCA would cause the dislocation of its financial structure and virtually defeat the purpose for which it was established;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the

1. The Philippine Heart Center for Asia shall continue to be exempt without interruption from the payment of all taxes, fees and charges, tariff and import duties imposed by the Government or any of its agencies, bureaus, subdivision, or instrumentalities thereof.

2. The Philippine Heart Center for Asia is hereby exempted from the provisions of

3. All donations, contributions or endowments which may be made by entities or persons to the Philippine Heart Center for Asia shall continue to be exempt from income and gift taxes, and the same shall be further deductible in full for purposes of computing the maximum amount deductible under Section 30, paragraph (h) of the

4. This Letter of Instruction shall take effect immediately.

DONE in the City of Manila, this 12th day of April, in the year of Our Lord, Nineteen Hundred and Eighty-Five.