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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1398 |
The Governor, Central Bank of the Philippines
SUBJECT MATTER : Amending LOI No. 1367 so as to allow importation of liquor and wines to be
as foreign equity investment in registered export enterprises.
WHEREAS, in line with efforts to improve the balance of payments situation, Letter of Instructions No. 1367 dated November 25, 1983 suspended applications for the importation of liquors and wines;
WHEREAS, foreign investment in the form of raw materials, supplies, spare parts or other importations in a domestic company in an essential industry may be allowed by the Central Bank;
WHEREAS, importation of liquors and wines to be contributed as foreign equity investment in a registered export enterprise will not involve any foreign exchange outflow and will have very limited application;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby amend paragraph 1(c) of Letter of Instructions No. 1367 dated November 25, 1983, to read as follows:
"c.
Liquor and wine, except liquor and wine imported as foreign equity
investment in a registered export enterprise, whose exports are at
least double the value of the import."
Done in the City of Manila this 12th day of April in the year of Our Lord, nineteen hundred and eighty-four.
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