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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 491 -
CERTIFYING THAT THE PRODUCTION OF PHTHALIC ANHYDRIDE AS A PREFERRED
PIONEER INDUSTRY, SHALL BE ENTITLED TO POST-OPERATIVE TARIFF PROTECTION
WHEREAS,
The Board of Investments has registered Resins, Inc., for the
manufacture of phthalic anhydride as a preferred pioneer
industry;
WHEREAS, studies conducted by said Board and the Department of Industry
indicate that due to increased cost of raw materials, this project to
be viable, needs tariff protection in the interim, against competing
imported items, which importations constitute a drain in our foreign
exchange resources;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the power vested in me by the Constitution, upon the
recommendation of the Board of Investments pursuant to the provisions
of Sec. 8 (c) of Republic Act No. 5186, otherwise known as the
Investment Incentives Act, do hereby certify that the production in the
Philippines of phthalic anhydride as a preferred pioneer industry shall
be entitled to a post-operative tariff protection in the form of
increased customs duty on phthalic anhydride, subject to the condition
that at any time during its effectivity, the post-operative tariff rate
may be modified in accordance with Section Four Hundred One of the
Tariff and Customs Code, whenever there is a finding that the existing
conditions in the industry warrant such modifications.
Section 1.
Sec. 2.
Done in the City of Manila,
this 13th day of December, in the year of Our Lord, nineteen hundred
and seventy-seven.
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