WHEREAS, in
order to prevent price increases of critical steel products,
Presidential Decree No. 476 granted a subsidy for customs duties
incurred in the importation of iron and steel slabs and coils for
rerolling, unwrought zinc and unwrought tin by steel companies engaged
in the manufacture of hot or cold rolled steel coils and sheets,
galvanized iron sheets and tinplates;chanroblesvirtualawlibrary
WHEREAS, the subsidy granted by Presidential Decree No. 476 was only
for the Fiscal Year 1973-1974 period;chanroblesvirtualawlibrary
WHEREAS, world market prices of slabs, hot rolled coils and unwrought
tin used in the manufacture of tinplates for milk cans have continued
to increase;chanroblesvirtualawlibrary
WHEREAS, this increase in world prices will cause a further rise in the
prices of tinplates used for the production of milk cans, which will
correspondingly result in the increase of prices of milk, an essential
commodity, to the detriment of the general public;chanroblesvirtualawlibrary
WHEREAS, to minimize such further increase in the prices of tinplates
and, consequently, of milk, it has become desirable and necessary to
subsidize for Fiscal Year 1974-1975 the importation of steel slabs and
hot rolled coils for rerolling and unwrought tin used in the
manufacture of tinplates for milk cans, to the extent of the customs
duties which would have been shifted to the general public;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order a supplemental appropriation to Presidential Decree
No. 503, the Appropriation Act for Fiscal Year 1974-1975, as follows:cralaw:red
"Supplemental appropriation for reimbursement to steel rolling mills
and electrolytic tinning line operators of customs duty under headings
73.07, 73.08 and 80.01, Schedule XV of the Tariff and Customs Code, as
amended..P16,000,000; PROVIDED, that this appropriation shall be
released to the Iron and Steel Authority which shall authorize payments
therefrom to the Bureau of Customs to meet customs duties incurred in
the importations of steel slabs, hot rolled coils and unwrought tin,
used in the manufacture of tinplates for milk cans, by steel rolling
mills and electrolytic tinning line operators; PROVIDED, FURTHER, that
no releases will be made out of this appropriation except to subsidize
customs duty charged on imports made on or after July 1, 1974;
PROVIDED, FURTHER, that payments out of this appropriation shall be in
the form of fund transfers into the Bureau of Customs income account,
except that actual cash payments made by authorized companies to meet
the above-described customs duties will be reimbursed upon approval by
the Iron and Steel Authority: PROVIDED, FURTHER, that the order for
transfer of funds into the Bureau of Customs account duly directed by
the Iron and Steel Authority and acknowledged by the Bureau of the
Treasury will constitute evidence of payment of corresponding customs
duty liabilities; PROVIDED, FINALLY, that any or all outstanding
obligations which any beneficiary of this subsidy may owe the National
Government and/or its agencies or instrumentalities, including
Government-owned or controlled corporations, shall have a prior lien on
the subsidies which are payable under this Decree.
This Decree shall take effect immediately.
Done in the City of Manila,
this 16th day of September, in the year of Our Lord, nineteen hundred
and seventy-four.
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