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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1367 |
The Governor, Central Bank of the Philippines
WHEREAS, the Philippine Government has requested for a 90-day standstill on maturing foreign obligations from October 17, 1983 to January 16, 1984;
WHEREAS, efforts to improve the balance of payments situation are being undertaken;
WHEREAS, scarce foreign exchange resources should be utilized only for the importation of essential commodities and service;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby Order and Instruct:
1.
Applications for importation of the following items under all modes of
payment including those on no-dollar basis shall be suspended
indefinitely:
a)
Fresh fruits and banned items heretofore allowed to be imported by
certain traditional importers and by such entities as the AFP
Commissary, Food Terminal Inc., National Food Authority;
b) Consumer
electronic products or components for their assembly, except those
imported by manufacturers accredited under the Progressive Export
Program for Consumer Electronic Products (PEPCEM) of the Board of
Investments; and
c) Liquor and
wine;
3. Exemptions from payment of duties/taxes granted by letters of instructions on the above items in paragraph 1 are hereby revoked;
4. Applications to import banned items (UC/NEC) by hotels, supermarkets, department stores and other tourist- oriented establishments which are authorized foreign exchange dealers shall be given due course by the Central Bank of the Philippines to the extent of fifteen percent (15%) of their foreign exchange earnings surrendered to the Central Bank of the Philippines or the Philippine National Bank during the immediately preceding year;
5. Applications to import banned (UC/NEC) items by Tourist Duty Free Shops, Inc. shall be allowed to the extent only of sixty-five percent (65%) of their foreign exchange receipts surrendered to the Central Bank of the Philippines or the Philippine National Bank during the immediately preceding year subject to prior authorization by the Central Bank;
6. Applications for the importation of meat and canned sardines/mackerel under all modes of payments, including those on no-dollar basis shall be restricted and no importations shall be allowed unless the same are duly recommended by the National Economic and Development Authority and the Executive Committee; and
7. Applications for the purchase of foreign exchange for whatever purposes (including prizes and travel) filed by and/or in behalf of foreign entertainers, incoming/ outgoing cultural groups, fashion/benefit shows, sports (golf, basketball, etc.) and other similar non-vital undertakings shall not be given due course.
These instructions shall take effect immediately.
Done in the City of Manila, this 25th day of November, nineteen hundred and eighty-three.
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