Home›Statutes›Presidential Decrees›Presidential Decree No. 1591
Presidential Decree No. 1591
WHEREAS, among its purposes is to promote, support and maintain coordinated, systematic, active and extensive participation of public and private institutions and/or individuals in the broad field of education for youth, particularly those out of school; and to formulate plans for the improvement of extension education, including practical ways and means of moving from the non-stock corporation type of organization to the endowed educational foundation.
Section 1. Any provision of existing laws to the contrary notwithstanding, the earnings of the Foundation for Youth Development in the Philippines, Inc. from its investments and bank deposits shall be exempt from any and all taxes to which they are otherwise subject.
Section 2. All laws, decrees, orders, rules and regulations or parts thereof inconsistent herewith are hereby repealed or modified accordingly.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila, this 11th day of June, in the year of Our Lord, nineteen hundred and seventy-eight.