Tax exemption privileges may be cancelled, restored, etc.

There can be no question that petitioner's tax exemptions withdrawn by P.D. 1931 were validly restored by FIRB Resolutions Nos. 10-85 and 1-86. Again withdrawn by EO 93, they were once more restored by FIRB Resolution No. 17-87, effective as of March 10, 1987. Moreover, this Court, in the same case of Maceda vs. Macaraig, Jr., reaffirmed the determination in Albay that EO 93 along with PDs 776 and 1931 were all valid, and that FIRB Resolution No. 17-87 and the tax exemptions restored thereunder were "valid and effective." The inescapable conclusion is that the tax exemption privileges of petitioner had been validly restored and preserved by said FIRB resolutions. [G.R. No. 96700. November 19, 1996]