ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Home > Chan Robles Virtual Law Library > Philippine Laws, Statutes & Codes > :
Search for
www.chanrobles.com
:
EXECUTIVE ORDERS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
EXECUTIVE ORDER NO. 970 -
PRESCRIBING THE MANNER OF ASSESSING AND COLLECTING THE DUTY ON THE
EXPORT OF COCONUT PRODUCTS AS PRESCRIBED IN EXECUTIVE ORDER NO. 920-A,
SERIES OF 1983
WHEREAS, Executive Order No. 920, Series of
1983 (“E.O. 920”), was promulgated as a stabilization measure to
redistribute gains in the export sector generated by the adjustments in
the exchange rate of the Peso, levying export duties on certain export
products based on their gross FOB value at the time of shipment based
on their prevailing rate of exchange and in accordance with the
schedule set forth therein;
WHEREAS, in view of the special procurement and marketing arrangements
of the coconut industry, Executive Order NO. 920-A Series of 1983
(“E.O. 920-A”), was promulgated, amending E.O. 920, and providing for a
different rate of Export Duty for coconut products;
WHEREAS, the said special procurement and marketing arrangements of the
coconut industry require, among others, that all contracts/commitments
to export coconut products be submitted to the Ministry of Trade and
Industry for monitoring and the Central Bank of the Philippines (“CB”)
for prior approval thru the filing of Reports of Foreign Sales (“RFS”)
by the exporter concerned;
WHEREAS, the CB approves the price at which these coconut products are
to be exported thereby fixing the gross FOB value at the time of
shipment of the coconut products in the corresponding Export
Declaration/Permit;
WHEREAS, Customs Memorandum Order No. 27-84, (“CMO 27-84”), dated 13
June 1984, provides that in the assessment and collection of duties on
Philippine export products pursuant to Presidential Decree No. 1464, as
amended, more particularly under E.O. Nos. 920 and 920-A, the gross FOB
value at the time of shipment shall be the gross FOB value of the
export products as established by the Bureau of Customs thru the
Customs Export Valuation Circular (“CEVC”) or the gross FOB value as
declared in the Export Declaration/Permit, whichever is higher;
WHEREAS, the gross FOB value at the time of shipment computed by the
Bureau of Customs may result in a valuation much higher than that
priorly approved by the CB as appearing in the Export
Declaration/Permit issued by the CB;
WHEREAS, the higher valuation resulting from a subsequent determination
by the Bureau of Customs will inflict financial penalties upon
exporters of coconut products who, were it not for the prior approval
of the CB, would not have sold, in the world market, their coconut
products;
WHEREAS, the attribution of higher export values to coconut products
other than the priorly approved value thereof will havoc on the
marketing and trading operations of the exporters of the coconut
industry which require that, in some instances depending on market
conditions, forward sales be made;
WHEREAS, there is an imperative need to ensure the continued high
performance of the coconut industry as a major, if not the lead foreign
exchange earner of the country by clarifying the basis for the Export
Duty for coconut products under E. O. 920, as amended by E.O. 920-A;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
pursuant to the powers vested in me by the Constitution and the
authority vested in me by Sec. 514 of Presidential Decree No. 1464,
as amended, do hereby direct and order that:
Section 1.
Sec. 2.
Sec. 3.
Done in the City of Manila,
this 17th day of July, in the year of Our Lord, nineteen hundred and
eighty-four.
chanrobles virtual law library
Back to Main
chan
robles virtual law library
Since 19.07.98.