AN ACT AMENDING Sec. 11 OF REPUBLIC ACT NO. 8483 ENTITLED 'AN ACT GRANTING THE CAMIGUIN TELEPHONE COOPERATIVE A FRANCHISE TO CONSTRUCT, ESTABLISH, INSTALL, MAINTAIN AND OPERATE LOCAL EXCHANGE NETWORK IN CAMIGUIN ISLAND, AND IN SOME AREAS OF MISAMIS ORIENTAL PARTICULARLY THE MUNICIPALITIES OF BALINGASAG, LAGONGLONG, SALAY, BINUANGAN, KINOGUITAN, SUGBONGCOGON, BALINGOAN, TALISAYAN, MEDINA, MAGSAYSAY AND GINGOOG CITY.'
Section 1. Sec. 11 of Republic Act No. 8483 is hereby amended to read as follows:
"Sec. 11. Tax Provisions. – The grantee shall enjoy the fiscal incentives as provided for under Republic Act No. 6938, otherwise known as "Cooperative Code of the Philippines", as amended, for a period of ten years commencing from the date of effectivity of this Act.
Likewise, the grantee shall comply with all the requirements and conditionalities as prescribed under said law prior to its availment of said tax incentives."
Sec. 2. Effectivity. – This Act shall take effect fifteen (15) days from the date of its publication, upon the initiative of the grantee, in at least two (2) newspapers of general circulation in the Philippines.
Approved: April 20, 2001.