WHEREAS, Presidential Decree No. 674 dated March 2.0, 1975, converted the College of Rizal and the Rizal Technical High School into the Rizal Technological Colleges to develop trained manpower of varied specializations and/or skills;

WHEREAS, in order that the purposes and objectives of said Decree can be more effectively and satisfactorily attained, it is necessary to broaden the support and strengthen the organization of the said Rizal Technological College;

WHEREAS, the Meralco Foundation, Inc., has been organized for the purposes, among others, of promoting, carrying on, conducting and encouraging the advancement and development of education, scientific research and training in the fields of industrial, technological, agricultural, health, environmental, biological, physical and social sciences as well as in humanities and in all other sciences or fields of human knowledge and culture, with special emphasis on research, development, training, and related activities designed to contribute to the maximization of economic productivity and community development, wider distribution of social and economic values, and protection and improvement of the environment; and

WHEREAS, the Provincial Government of Rizal and the Meralco Foundation, Inc., have agreed to undertake a joint project to establish and operate an educational technological institution in the Province of Rizal which shall offer baccalaureate degrees in agriculture, fisheries, arts and sciences, trades and technology and other degrees, as well as short term courses, to meet the needs of Rizal Province and other cities and provinces of the Philippines; and the establishment and operation of such educational technological institution will be in compliance with the mandate of the Constitution of the Philippines, will achieve the objective of the government, and will attain some of the lofty purposes of the Meralco Foundation, Inc.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby amend Presidential Decree No. 674 as follows:

SECTION 1. Section 1 of Presidential Decree No. 674 is hereby amended to read as follows:

"SECTION 1. The present College of Rizal and the Rizal Technical High School, all situated at the Province of Rizal, are hereby converted into the Rizal Technological Colleges (Province of Rizal-Meralco Foundation, Inc.), the same being organized as a nonstock, non-profit corporation, a chartered entity, hereinafter referred to in this decree as the Colleges. The Colleges shall be established, operated and maintained as hereunder provided, as a joint project and undertaking of the Provincial Government of Rizal and the Meralco Foundation, Inc."

SEC. 2. Section 5 of the same Decree is hereby amended to read as follows:

"SECTION 5. The governing body of the Colleges shall be the Board of Trustees of the Rizal Technological Colleges. It shall be composed of the Secretary of Education and Culture as Chairman, the Provincial Governor of Rizal, the President of the Meralco Foundation, Inc., the President of the Colleges, and three (3) other members who shall be appointed by the President of the Philippines. Of the three members first appointed by the President, one shall serve for two years; one to serve for three years; and one to serve for four years. Thereafter, persons appointed to succeed such members shall hold office for a term of four years and until their successors shall have been appointed and qualified. In case of permanent vacancy, the position shall be filled by appointment by the President of the Philippines. Such appointee shall hold office for the unexpired term only.

The Secretary of Education and Culture, the Governor for the Province of Rizal, and the President of Meralco Foundation, Inc., may designate their respective representatives in the Board who shall have all the powers and privileges pertaining to their offices. In the absence of the Secretary of Education and Culture who is the Chairman of the Board, the members of the Board present may elect the temporary chairman to preside over the meeting."

SEC. 3. Section 8 of the same Decree is hereby amended to read as follows:

"(J) To receive in trust legacies, gifts, and donations of real and personal property of all kinds, to administer the same for the benefit of the Colleges, or of any department thereof, or for aid to any student or students, in accordance with the directions and instructions of the donor, and in default thereof, in such manner as the Board of Trustees may in its discretion determine. All donations to the Colleges shall be exempt from all taxes, shall be considered as deductible items from the income tax of donors and shall be treated as part of the payment by the donors of assessments under, and/or the compliance with the requirements of, and shall be eligible for the tax and other incentives provided by, the Labor Code of the Philippines with regard to manpower training and development, and rules and regulations pursuant to the said Labor Code, and amendments thereof."

SEC. 4. A new provision is hereby inserted after Section 19 of the same Decree to read as follows:

"SECTION 20. The Meralco Foundation, Inc., shall make contributions of funds and/or equipment and facilities and provide managerial, advisory, technological, professional and vocational professorial or instructional skills useful for the establishment, operation and maintenance of the Colleges, and shall solicit and encourage major industries and other entities to make such contributions and provide such support to the colleges; all such contribution made by the Meralco Foundation, Inc., to the Colleges, or contributions by any individual, association, partnership, corporation or any kind of entity to the Colleges and/or to the Meralco Foundation, Inc., which in turn are contributed by the latter for the establishment, operation and maintenance of the Colleges, shall be exempt from all taxes and the money value of such contributions shall be treated as payments of assessments under, and/or compliance with the requirements of, and shall be eligible for the tax and other incentives provided by the Labor Code of the Philippines, as, and as may be, amended, and the rules and regulations pursuant thereto, and shall be in lieu of any taxes, charges and assessments of whatsoever nature and authority now and in the future, for the development of manpower, education, arts and sciences."

SEC. 5. Sections 20 and 21 of the same Decree are hereby renumbered as Sections 21 and 22, respectively.

SEC. 6. This Decree shall take effect immediately.

Done in the City of Manila, this 25th day of July, in the year of Our Lord, nineteen hundred and seventy-five.