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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 315
TO
: The Secretary of Trade
The Secretary of Industry
The Governor of the Central Bank
The Chairman of the Monetary Board
The Secretary of Finance
In the implementation of LOI No. 314 of August 30, 1975, you are to be guided by the fact that non-essential or luxury imports are already banned from the importation under existing Central Bank regulations, unless expressly allowed to be imported by the Central Bank. The measure envisaged under the said Letter of Instructions is a defensive one calculated to preserve healthy trade relations with our trading partners; and you are to submit to me for further approval the list of the countries which have adopted restrictive policies on Philippine exports to such countries and with whom we have an unfavorable balance of trade.
Done in the City of Manila, this 1st day of September, in the year of Our Lord, nineteen hundred and seventy-five.
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