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PRESIDENTIAL DECREE NO. 476
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PRESIDENTIAL DECREE NO. 476 -
SUPPLEMENTAL APPROPRIATION FOR THE REIMBURSEMENT OF CUSTOMS DUTIES
INCURRED IN THE IMPORTATION OF IRON AND STEEL SLABS AND COILS FOR
REROLLING, UNWROUGHT ZINC AND UNWROUGHT TIN
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WHEREAS, in
order to minimize the burden of the consuming public from these price
increases, it has been desirable and necessary to subsidize the
importation of iron and steel slabs and coils for rerolling, unwrought
zinc and unwrought tin, to the extent of the customs duties which would
have been shifted to the consumers; chanroblesvirtualawlibrary
WHEREAS, the Iron and Steel Authority and its predecessor, the
Presidential Steel Committee, have set prices for steel products from
January 1, 1973 onwards on the basis that the rerolling mills,
galvanizing plants and electrolytic tinning operators would be paid a
subsidy equal to the tariff imposed on imports of hot rolled coils,
unwrought zinc and unwrought tin;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 the addition of a supplemental appropriation in
Presidential Decree No. 233, the Appropriation Act for Fiscal Year
1973-1974 as follows:cralaw:red
Supplemental appropriation for reimbursement to steel rolling mills,
galvanizers and electrolytic tinning line operators of customs duty
under headings 73.07, 73.08, 79.01 and 80.01 Schedule XV of the Tariff
and Customs Code, as amended.. P44 million: 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 hot rolled coils,
unwrought zinc and unwrought tin by companies engaged in the
manufacture of hot or cold rolled steel coils and sheets, galvanized
iron sheets and tinplates; PROVIDED, FURTHER, that no releases from the
fund shall be made without the written authorization of the Iron And
Steel Authority; PROVIDED, FURTHER, that no releases will be made out
of this appropriation except to subsidize customs duty charged on
imports made on or after January 1, 1973 for iron and steel slabs and
coils for rerolling and unwrought tin and importation after April 1,
1973 of unwrought zinc; PROVIDED, FURTHER, that payments out of this
appropriations 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 above-described customs duties prior to
approval of this decree 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 duly
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. chanroblesvirtualawlibrary
This decree shall effective immediately.
Done in the City of Manila,
this 3rd day of June, in the year of Our Lord, Nineteen Hundred and
Seventy-Four.
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