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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1429 -
SUSPENDING THE IMPLEMENTATION OF PRESIDENTIAL DECREE NO. 1929 |
The Governor of the Central Bank of the Philippines
The Acting Commissioner of Customs
WHEREAS, Presidential Decree No. 1929 was issued as a temporary measures to complement other stabilization measures adopted to counteract inflation pressures as a result of the increased peso earnings generated by the adjustment in the exchange rate of the peso; and
WHEREAS, recent developments, as well as other measures adopted, warrant a review of the effectiveness of this measure;
NOW, THEREFORE I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby direct:
1.
The assessment and collection of the Economic Stabilization Tax imposed
under Presidential Decree No. 1929 shall be suspended on all exports
from the Philippines effective September 24, 1984.
2. Exports
prior to that date shall be subject to the provisions of Presidential
Decree No. 1929 and the rules and regulations issued in implementation
thereof.
3. This Letter
of Instructions shall be in effect until the Minister of Finance and
the Governor of the Central Bank shall have submitted their findings
and recommendations on the need to continue the imposition of an
Economic Stabilization Tax on exports from the Philippines.
Done in the City of Manila, this 22nd day of September in the year of Our Lord, nineteen hundred and eighty-four.
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