Ministry of Trade
        The Governor
        Central Bank of the Philippines
        The Chairman
        Board of Investments
        The Commissioner
        Bureau of Internal Revenue
        The Commissioner
        Bureau of Customs
        All Concerned

1.    The Ministry of Trade and the commodity offices under it, in their clearance requirements; The Central Bank, in providing foreign exchange requirements for exports and financing; the Board of Investments, in registering export producers, traders and service exporters; and the Bureau of Customs, shall simplify their documentation requirements for the purpose of assisting exporters.

2.    All commodity offices, including the Philippine Bureau of Standards, and other offices, whether or not under the Ministry of Trade, issuing commodity clearances are required to issue such clearances on a yearly basis. The approved duration of the commodity clearances shall not in any way prejudice the right of the commodity offices to make an on-the-spot inspection of particular commodities during the year on written directive of the head of the office, particularly when there are reported quality problems.

3.    The required report of foreign sale (RFS) to the Central Bank for every export sale made shall henceforth be a quarterly report for non-traditional exports.

4.    The Central bank shall coordinate with the Bankers association of the Philippines to further liberalize the marginal deposit requirements for exporters opening letters of credit for the importation of their raw materials and equipment.

5.    Exporters need not present BIR tax clearance before allowing them to Export.

6.    Duty drawback may be granted on the basis of standard costing instead of an attempt to arrive at the "exact figures" to be allowed as drawback, subject to such guidelines as the Board of Investments and the Bureau of Customs may formulate.

7.    Sales and delivery of products to bonded warehouses of export-oriented manufacturers and to export processing zone enterprises can be considered as "export sales" and products "constructively" exported, so that tax credit and duty drawback can be availed of immediately, without awaiting for actual exportation of the finished products abroad. For this purpose, the requirement that the exporter has in fact "exported" shall include constructive "exportation" as above defined.

8.    For BOI-registered enterprises, the Central Bank release clearances on imports prior to release of goods may be eliminated. In lieu thereof, a report on such importation shall be made after the release of the goods from Customs, subject to such requirements as the Central Bank and the Board of Investments may impose.

9.    For BOI-registered enterprises, equipment on consignment may be accepted by the registered firm for a period of more than one (1) year.

Since 19.07.98.