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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 37
TO
:
The Secretary of Finance
The Governor, Central Bank
Pursuant to Proclamation No. 1081, dated September 21, 1972, declaring a state of martial law, and in my capacity as Commander-in-Chief of all Armed Forces of the Philippines, and in order to promote the economic welfare of this country, I, FERDINAND E. MARCOS, President of the Philippines, hereby order that:
a)
All purchases abroad (import) shall henceforth be
made on F.O.B. basis;
b) All freight
payments shall be made here in pesos
to shipping agents or owners of vessels;
c) In case of
alien flag vessels, agents may remit
pesos earned through the Central Bank of the Philippines to shipowners
abroad;
d) Preference
of carrying imports should be
Philippine flag vessels.
The Secretary of Finance and the Governor of the Central Bank are hereby directed to coordinate in promulgating the necessary rules and regulations to implement this Letter of Instructions.
Done in the City of Manila, this 6th day of November, in the year of Our Lord, nineteen hundred and seventy-two.
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