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[ EXECUTIVE ORDER NO. 425, February 17, 1974 ]
IMPOSING PREMIUM DUTY ON CERTAIN EXPORT PRODUCTS IN ADDITION TO EXPORT TARIFFS PROVIDED FOR UNDER REPUBLIC ACT NO. 1937, OTHERWISE KNOWN AS THE “TARIFF AND CUSTOMS CODE”, AS AMENDED BY PRESIDENTIAL DECREE NO. 230
Pursuant to the powers vested in me by Section 515 of Republic Act No. 1937, as amended by Presidential Decree No. 230, I, FERDINAND E. MARCOS, President of the Philippines, do hereby direct and order that:
SECTION 1.
In addition to the export duties, herein referred to as basic rate, levied under Section 514, Title III, Book I of R.A. No. 1937, as amended by P.D. No. 230, there shall be levied assessed and collected a premium duty on the difference between the current price as established by the Bureau of Customs and the base price of the products as established in Section II hereof in accordance with the following schedule:
SECTION 2. Initially, the base prices upon which the premium duty shall be levied shall be eighty per centum (80%) of the F.O.B. value of the exports established by the Bureau of Customs for February 1974. The National Economic and Development Authority shall, from time to time, review and establish such base prices taking into account, among others, the cost conditions in the various industries.
SECTION 3. This Order shall take effect immediately.
Done in the City of Manila, this 17th day of February, in the year of Our Lord, nineteen hundred and seventy-four.
By the President:
(SGD.) ALEJANDRO MELCHOR
Executive Secretary
SECTION 1.
In addition to the export duties, herein referred to as basic rate, levied under Section 514, Title III, Book I of R.A. No. 1937, as amended by P.D. No. 230, there shall be levied assessed and collected a premium duty on the difference between the current price as established by the Bureau of Customs and the base price of the products as established in Section II hereof in accordance with the following schedule:
Should the current price of any export product be below the established base price, then only the basic rate prescribed under P.D. No. 230 shall be applied.
Export Products
Premium Duty
WOOD PRODUCTS
(1) Logs, including poles
30%
(2) Lumber
20%
(3) Veneer, face and core
20%
(4) Plywood
20%
MINERAL PRODUCTS
(1) Metallic ores and concentrates
(a) Copper
30%
(b) Iron
20%
(c) Chromite
20%
(2) Non-metallic
(a) Clinker, cement
20%
(b) Portland cement
20%
PLANT AND VEGETABLE PRODUCTS
(1) Coconut
(a) Copra
30%
(b) Desiccated coconut
20%
(c) Copra meal or cake
20%
(d) Coconut oil
20%
(2) Sugar and sugar products
(a) Centrifugal sugar
20%
(b) Molasses
20%
SECTION 2. Initially, the base prices upon which the premium duty shall be levied shall be eighty per centum (80%) of the F.O.B. value of the exports established by the Bureau of Customs for February 1974. The National Economic and Development Authority shall, from time to time, review and establish such base prices taking into account, among others, the cost conditions in the various industries.
SECTION 3. This Order shall take effect immediately.
Done in the City of Manila, this 17th day of February, in the year of Our Lord, nineteen hundred and seventy-four.
(SGD.) FERDINAND E. MARCOS
President of the Philippines
President of the Philippines
By the President:
(SGD.) ALEJANDRO MELCHOR
Executive Secretary