EXECUTIVE ORDER NO. 1062 January 1, 1986

REPEALING EXECUTIVE ORDER NO. 955, AS AMENDED BY EXECUTIVE ORDER NO. 988, ADDITIONAL IMPORT DUTY ON IMPORTED ARTICLES

WHEREAS, the current economic crisis amounts to grave emergency which affects the stability of the nation and requires immediate action;

WHEREAS, the issuance of this Executive Order is an essential and necessary component of the national economic recovery program formulated to meet and overcome the emergency;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the authority vested in me under Section 401 of Presidential Decree No. 1464, as amended, do hereby order and ordain:

Sec. 1. The provisions of Executive Order No. 955, series of 1984, as amended by Executive Order No. 988, and the rules and regulations issued pursuant thereto, are hereby repealed.

Sec. 2. This Executive Order shall take effect on January 1, 1986.

Done in the City of Manila, this 7th day of November, in the year of Our Lord, nineteen hundred and eighty-five.