WHEREAS, a Special Presidential Task Force (Task Force) was created to investigate and gather evidence against individuals, corporations and other entities suspected of having committed irregularities at the Bureau of Internal Revenue, the Bureau of Customs, the One Stop Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS-Center), and other offices or agencies under or attached to the Department of Finance (DOF);

WHEREAS, the term of the Task Force will expire on October 7, 2003;

WHEREAS, there is a need for extending the life of the Task Force because it needs additional time within which to complete its investigation and the filing of corresponding cases in connection with the tax credit scam committed at the OSS-Center, DOF;

NOW THEREFORE, I, GLORIA MACAPAGAL-ARROYO, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order:

SECTION 1. Section 5 of Executive Order No. 38 is hereby amended to read:

"Section 5. Term. The Task force shall exist for another one (1) year to expire on October 7, 2004, unless extended by the Office of the President."

SECTION 2. Section 7 of Executive Order No. 38 is hereby amended to read:

"Section 7. Funding. Subject to the usual auditing rules and regulations, the Task Force shall be provided with Two Million Pesos (Php 2,000,000.00) per month funding support to be drawn from the OSS-Center's Trust Fund. Any additional funding requirements shall require the President's approval."

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

DONE in the City of Manila, Philippines, this 25th day of August in the year of our Lord, Two Thousand and Three.

By the President:

(Sgd.) ALBERTO G. ROMULO
Executive Secretary