EXECUTIVE ORDER NO. 550

: The specific tax rates were revised to P0.62 per liter for regular gasoline and P0.67 per liter for premium gasoline.
: The specific tax rates on gasoline are under Section 153(c) of the National Internal Revenue Code of 1977, as amended.
: This Executive Order took effect on August 1, 1979.
: The revision was due to recent increases in crude oil prices that adversely affected infrastructure projects and caused escalation in prices of materials and equipment, threatening economic development.
: The order applies nationwide as it pertains to the specific tax rates under the National Internal Revenue Code applicable throughout the Philippines.
: Section 158-A authorizes the President to revise tax rates, including those on specific taxes such as gasoline, without requiring Congress to enact a new law.
: Juan C. Tuvera countersigned Executive Order No. 550 as the Presidential Assistant.