K hrU oL IL J U r 1Hfc r H I L IF l'IN tS

OFFICE OF THE CITY COUNCIL

PASAY CITY, METRO MANILA

ORDINANCE NO. 512 S-1995

ORDINANCE AMENDING SECTION 37 (g) ARTICLE H OF PASAY CITY

ORDINANCE NO. 241- SERIES OF 1993, OTHERWISE KNOWN AS THE ORDINANCE
ADOPTING THE PASAY CITY REVENUE CODE.

SPONSORED BY: COUNCILOR TEODULO R. LORCA JR.

W H EREA S, Ordinance No. 241, Series o f 1993, Section 37 (g) Article II o f the
Pasay City Ordinance adopting the Pasay City Revenue Code be amended to include in the
local business tax rate on banks and other financial institutions with principal offices in the
city be lowered from a rate not exceeding seventy five percent (75%) o f one percent (1%)
on the gross receipts o f the preceding calendar year derived from the interest, commission
and discounts from lending activities, income from financial leasing, dividends, rentals on
properties and profit from exchange or sale o f properties and insurance premium to a fixed
rate o f twenty percent (20%) o f one percent (1%) o f the aforesaid activities for the year o f
1995 and twenty five percent (25%) o f one percent (1%) beginning 1996 and the year
'thereafter subject to adjustment.

NOW, THEREFORE, be it ordained as it is hereby ordained by the Sangguniang

Panlungsod in session duly assembled amending Ordinance No. 241, Series o f 1993,
Section 37 (g) Article II o f the Pasay City Revenue Code be amended to include in the
local business tax rate on banks and other financial institutions with principal offices in the
city be lowered from a rate not exceeding seventy five percent (75%) o f one percent (1%)
on the gross receipts o f the preceding calendar year derived from interest, commissions
and discounts from lending activities, income from financial leasing, dividends, rentals on
property and insurance premium to a fixed rate o f twenty percent (20%) o f one percent
(1%) o f the aforesaid activities for the year 1995 and twenty five percent o f one percent
(1%) beginning 1996 and the year thereafter subject to adjustment.

EFFECTTVITY - This ordinance shall take effect upon its passage and approval
by the Sangguniang Panlungsod o f Pasay and the City Mayor, posting in two (2)
conspicuous places in the city and its publication once in a newspaper o f general
circulation in the city.

ENACTED this 24th day o f October in the Year o f Our Lord Nineteen Hundred
and Ninety Five.

APPROVED

HON. WENCESLAO B. TRINIDAD CERA

Acting City Mayor Acting Presiding Officer
page 2 o f ordinance amending Section 37 (g) Article II o f Pasay City Ordinance No. 241,
Series o f 1993, otherwise known as the Ordinance adopting the Pasay City Revenue Code.

1. HON. ANTONINO G. CALIXTO

2. HON. EMMANUEL M. IBAY

3. HON. JUSTO C. JUSTO

4. HON. ROMULO M. CABRERA

5. HON. REYNALDO O. PADUA

6. HON. ROBERTO L. ALVAREZ

7. HON. EDITA V. VERGEL DE DIOS

8. HON. ULDARICO C. ARABIA

9. HON. ALBERTO V. PAREDES

10. HON. EDUARDO I. ADVINCULA

11. HON. TEODULO R. LORCA JR.

12. HON. GENEROSO F. CUNETA

13. HON. CHLOE D. PROTACIO

ATTESTED:

DR. ANTONIO S. CO
City Administrator