(NAR) VOL. IV NO. 2 / JANUARY - APRIL 1993
"1. Importations of pre-cut fabrics and related accessories for processing into finished garment and textile products for export and importations of raw materials and related supplies and accessories by firms which have been engaged in the garment and textile exports for the last five (5) years, subject, however, to the following conditions: (1) that the firm has demonstrated regular export sales of at least US $500,000 per annum; (2) that the firm and its principal stockholders and officers have not violated any rules and regulations of the GTEB, CB and BOC governing import/export operations during this five year period nor have any pending case whether administrative or judicial regarding the conduct of importation of its raw material; (3) that the firm must not be delinquent in the liquidation of imported raw materials; (4) that the raw materials and supplies are directly used in the manufacture of the products to be exported; (5) that the firm will commit to computerize its operations with due consideration of its size and scope, along the lines to be set by the Bureau of Customs especially in the matter of accounting and liquidation of its raw material imports; (6) that the firm must show a substantial asset base commensurate to its level of operations as indicated by the (a) ownership or long-term lease of manufacturing facility; and (b) ownership or long-term lease of the land and the building on which the factory is operating; and (7) that the firm must present an exemption certificate issued by the Bureau of Customs, after a favorable recommendation by the Garments and Textile Export Board."Adopted: 1 Apr. 1993
(Sgd.) RAMON R. DEL ROSARIO, JR. | (Sgd.) RIZALINO S. NAVARRO |
Secretary | Secretary |
Department of Finance | Department of Trade and Industry |
(Sgd.) JOSE L. CUISIA, JR. | |
Governor | |
Central Bank of the Philippines |