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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1387 |
The Governor, Central Bank of the Philippines
WHEREAS, the copper smelter project being undertaken by Philippine Associated Smelting and Refining Corporation (PASAR) has been identified by the government as one of the major industrial projects necessary for the establishment of a sound foundation of the country's industrial development;
WHEREAS, under marketing agreements with PASAR, several of the country's copper mining companies have agreed to supply the copper concentrate requirements of PASAR;
WHEREAS, it is in the national interest to monitor copper export shipments and ensure that these do not hamper the sufficient and continuous supply of copper concentrates to PASAR;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines do hereby order and instruct:
1.
The Ministry of Trade and Industry (MTI) shall require all copper
exporters to obtain prior MTI clearance before making any copper export
shipments. The MTI shall give such clearance only when the proposed
export shipment does not adversely affect the supply and delivery of
copper concentrates to PASAR.
2. The Central
Bank shall require the foregoing MTI clearance as a condition for the
issuance of an export clearance to the copper concentrate exporters.
3. The MTI
shall issue such rules and regulations to implement these instructions
as may be necessary.
4. This LOI
shall take effect immediately.
Done, in the City of Manila, this 21st day of February, nineteen hundred and eighty-four.
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Since 19.07.98.
