The exclusive franchise to operate duty and tax free shops was originally granted to a private corporation called Tourist Duty Free Shops, Inc. (TDFS) by virtue of Presidential Decree No. 1193 (P.D. 1193) and Letter of Instruction No. 595 (LOI 595) both dated September 6, 1977. TDFS was authorized to establish, operate and maintain duty and tax free stores at all international airports and seaports, selected hotels, tourist resorts, and commercial or trading centers throughout the country for a period of twenty-five (25) years. This franchise was revoked by Executive Order No. 24 dated June 27, 1986.