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PRESIDENTIAL DECREE NO. 1268
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PRESIDENTIAL DECREE NO. 1268 -
AMENDING Section 402 OF REPUBLIC ACT NUMBERED NINETEEN HUNDRED AND
THIRTY SEVEN AS AMENDED, OTHERWISE KNOWN AS THE TARIFF AND CUSTOMS CODE
OF THE PHILIPPINES
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chanroblesvirtualawlibrary
WHEREAS,
pursuant to the Declaration of ASEAN Concord signed in Bali, Indonesia,
the Member States of ASEAN have agreed to establish preferential
trading arrangements among themselves;chanroblesvirtualawlibrary
WHEREAS, the Philippines is a Contracting Party to the Agreement on
ASEAN Preferential Trading Arrangements (PTA) which was fully ratified
on 1 August 1977 by all Contracting Parties;chanroblesvirtualawlibrary
WHEREAS, pursuant to the said Agreement, the Member States of ASEAN
have agreed to grant each other an effective ASEAN margin to tariff
preference on a product-by-product basis;chanroblesvirtualawlibrary
WHEREAS, in order to effectively implement the ASEAN PTA it is
necessary to amend certain provisions in the Tariff and Customs Code.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution of the
Philippines do hereby decree the following as part of the law of the
land; chanroblesvirtualawlibrary
Section 1. Section 402 Subsection (a) of Republic Act
Numbered Nineteen Hundred and Thirty Seven as amended is hereby further
amended to read as follows:cralaw:red
"Section 402. Promotion of Foreign Trade. —
a. For the purpose of expanding foreign markets for
Philippine products as a means of assistance in the economic
development of the country, in overcoming domestic unemployment, in
increasing the purchasing power of the Philippine peso, and in
establishing and maintaining better relations between the Philippines
and other countries, the President, is authorized from time to
time: chanroblesvirtualawlibrary
(1) To enter into trade agreements with foreign
governments or instrumentalities thereof;chanroblesvirtualawlibrary
(2) To modify import duties (including any necessary
change in classification) and other import restrictions, as are
required or appropriate to carry out and promote foreign trade with
other countries: Provided, however, that in modifying import duties or
fixing import quota the requirements prescribed in subsection "a" of
Section 401 shall be observed: Provided, further, THAT ANY MODIFICATION
OF IMPORT DUTIES AND ANY FIXING OF IMPORT QUOTAS MADE PURSUANT TO THE
AGREEMENT ON ASEAN PREFERENTIAL TRADING ARRANGEMENTS RATIFIED ON AUGUST
1, 1977 SHALL NOT BE SUBJECT TO THE LIMITATIONS OF THE AFORESAID
SUBSection "A" OF Section 401.
Section 2. All laws or parts of laws, as well as all
executive orders or regulations inconsistent herewith are hereby
repealed or amended accordingly. chanroblesvirtualawlibrary
Section 3. This decree shall take effect
immediately. chanroblesvirtualawlibrary
Done in the City of Manila this
21st day of December, in the year of Our Lord, nineteen hundred and
seventy-seven.
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