PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
|
REPUBLIC ACT NO. 5047 - AN ACT
GRANTING MANILA SIGHTSEEING CO., INC. A FRANCHISE TO ESTABLISH,
MAINTAIN AND OPERATE A NATIONWIDE RENT-A-CAR-YOU-DRIVE AND TOURING
SYSTEM FOR TOURISTS AND OTHER FOREIGNERS VISITING IN THE PHILIPPINES
|
| Section
1. Subject to the provisions of the Constitution and
the conditions set forth in this Act, there is hereby granted to Manila
Sightseeing Co. Inc., for a period of twenty-five years from the date
of the approval of this Act, the right, privilege and authority to
establish, maintain and operate a nationwide rent-a-car-you-drive and
touring system for tourists and other visiting foreigners in the
Philippines. Sec. 2. A special right is hereby reserved to the President of the Philippines to authorize the temporary use and/or operation of the grantee's motor vehicles by any office of the Government, upon the payment of just compensation, during periods of extreme emergency and in time of war, rebellion, calamity or public peril. Sec. 3. The Manila Sightseeing Co., Inc. shall be exempt from all taxes and duties except income tax: Provided, That the certificates of ownership of the motor vehicles to be used in the rent-a-car-you-drive and touring system by grantee show that these vehicles are not older than two years. In lieu of all other taxes, except income tax, the Manila Sightseeing Co., Inc. shall pay the government an amount equivalent to two per cent of its gross income from the rent-a-car-you-drive and touring system, payable monthly. Sec. 4. Should a motor vehicle acquired under this Act be utilized for purposes other than those envisaged in this Act, the grantee shall pay two hundred per cent of all applicable taxes and duties. Sec. 5. Should similar franchise be awarded to individuals, partnerships or corporations, the terms and conditions granted therein shall ipso facto become part of the terms and conditions hereof, and Manila Sightseeing Co., Inc. shall operate as in the case of said individuals, partnerships or corporation. Sec. 6. The term "grantee" as used in this Act shall be understood to mean Manila Sightseeing Co., Inc., its representatives , successors or assigns. Sec. 7. This franchise shall be subject to amendment, alteration or repeal by the Congress of the Philippines whenever the public interest so requires. Sec. 8. This Act shall take effect upon its approval. Enacted without Executive
approval, June 17, 1967. |