WHEREAS, within the framework and subject to the mandate and limitations of the Constitution and pertinent laws, the Subic Special Economic Zone (SSEZ) shall be developed into a self-sustaining, industrial, commercial, financial investment center to generate employment opportunities and to attract and promote productive foreign investments.

NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order:

SECTION 1.       On Import Taxes and Duties. - Tax and duty-free importations shall apply only to raw materials, capital goods and equipment brought in by business enterprises into the SSEZ.  Except for these items, importations of other goods into the SSEZ, whether by business enterprises or resident individuals, are subject to taxes and duties under relevant Philippine laws.

The exportation or removal of tax and duty-free goods from the territory of the SSEZ to other parts of the Philippines territory shall be subject to duties and taxes under relevant Philippine laws.

SECTION 2.       On All Other Taxes - In lieu of all local and national taxes (except import taxes and duties), all business enterprises in the SSEZ shall be required to pay the tax specified in Section 12(c) of R.A. No. 7227.

SECTION 3.       Effectivity - This Executive Order shall take effect immediately.

Adopted: 8 June 1993

(Sgd.) FIDEL V. RAMOS
President
By the President:

(Sgd.) ANTONIO T. CARPIO
Chief president Legal Counsel