Executive Order No. 97 (1993) — 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.

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Section 1 · On Import Taxes and Duties Section 2 · On All Other Taxes Section 3 · Effectivity

Section 1

On Import Taxes and Duties

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 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

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. 1aшphi1

Section 3

Effectivity

Section 3.

Effectivity. — This Executive Order shall take effect immediately.

DONE in the City of Manila, this 10th day of June in the year of Our Lord, Nineteen Hundred and Ninety-Three.

(Sgd.) FIDEL V. RAMOS President of the Philippines

By the President:

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