EXECUTIVE ORDER NO. 988 - AMENDING EXECUTIVE ORDER NO. 955, SERIES OF 1984, BY REDUCING THE RATE PRESCRIBED THEREIN TO FIVE PERCENT (5%)

WHEREAS, the current economic crisis amounts to a grave emergency which affects the stability of the nation and requires immediate action;

WHEREAS, the issuance of this Executive Order is an essential and necessary component of the national economic recovery program formulated to meet and overcome the emergency;

NOW, THEREFORE, I, FERDINAND E., MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the authority vested in me under Sec. 401 of Presidential Decree No. 1464, as amended, do hereby order and ordain: 

Section 1. The rate of the additional import duly imposed under Executive Order No. 955, series of 1984, is hereby reduced from ten per cent (10%) to five per cent (5%).

Sec. 2. The other provisions of Executive Order No. 955, series of 1984, and the rules and regulations issued pursuant thereto shall remain valid and effective.

Sec. 3. This Executive Order shall take effect October 15, 1984 for petroleum, product imports, and on January 1, 1985, for all other imports.

Done in the City of Manila, this 10th day of October, in the year of Our Lord, nineteen hundred and eighty-four.