776 , as amended , is hereby authorized to : a ) restore tax and/or duty exemptions withdrawn hereunder in whole or in part ; b ) revise the scope and coverage of tax and/or duty exemption that may be restored ; c ) impose conditions for the restoration of tax and/or duty exemption ; d ) prescribe the date or period of effectivity of the restoration of tax and/or duty exemption ; e ) formulate and submit to the president for approval , a complete system for the grant of subsidies to deserving beneficiaries , in lieu of or in combination with the restoration of tax and duty exemptions or preferential treatment in taxation , indicating the source of funding therefor , eligible beneficiaries and the terms and conditions for the grant thereof taking into consideration the international commitments of the philippines and the necessary precautions such that the grant of subsidies does not become the basis for countervailing action .