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PRESIDENTIAL DECREE NO. 440
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PRESIDENTIAL DECREE NO. 440 -
FURTHER AMENDING Section 105 OF THE TARIFF AND CUSTOMS CODE OF THE
PHILIPPINES, AS AMENDED, EXEMPTING IMPORTATIONS OFRCRAFT FOR
AGRICULTURAL PURPOSES, SPARE PARTS AND ACCESSORIES THEREOF FROM CUSTOMS
DUTY
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chanroblesvirtualawlibrary
WHEREAS,
the Philippines is endowed with rich agricultural lands which need
immediate development for food production; chanroblesvirtualawlibrary
WHEREAS, the Government is providing all possible incentives to further
encourage investors to develop our vast agricultural resources;chanroblesvirtualawlibrary
WHEREAS, the use by agro-industrial entities and farmers ofrcraft for
agricultural purposes will hasten and maximize the development of our
agricultural resources and increase production;chanroblesvirtualawlibrary
WHEREAS, incentives to encourage development of mineral resources
already include the exemption from customs duties ofrcraft imported for
the development and exploitation of mineral resources while the
incentives for agricultural development do not include this kind of
exemption. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
amend Section 105 of the Tariff and Customs Code, as amended, to wit:cralaw:red
Section 1. Section One Hundred Five of Republic Act
Numbered One Thousand Nine Hundred Thirty-Seven, otherwise known as the
"Tariff and Customs Code of the Philippines" is further amended by
amending paragraph "(v)" to read as follows:cralaw:red
"Sec. 105. Conditionally-free Importations. —chanroblesvirtualawlibrary
xxx
xxx
xxx
"(v) Machineries, equipment, tools for production,
plants to convert mineral ores into saleable form, spare parts,
supplies, materials, accessories, explosives, chemicals, and
transportation and communication facilities imported by and for the use
of new mines and old mines which resume operations, when certified to
as such by the Secretary of Agriculture and Natural Resources upon the
recommendation of the Director of Mines, for a period ending five (5)
years from the first date of actual commercial production of saleable
mineral products: Provided, That such articles are not locally
available in reasonable quantity, quality and price and are necessary
or incidental in the proper operation of the mine, andrcrafts imported
by agro-industrial companies to be used by them in their agricultural
and industrial operations or activities, spare parts and accessories
thereof.
Section 2. All laws, decrees, orders, rules and
regulations inconsistent herewith are hereby repealed and/or modified
accordingly.
Section 3. This Decree is hereby made part of the law
of the land and shall take effect immediately.
Done in the City of Manila,
this 22nd day of April, in the year of Our Lord, nineteen hundred and
seventy-four.
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