PRESIDENTIAL DECREE No. 1476

FURTHER AMENDING PRESIDENTIAL DECREE NO. 230, AS AMENDED.

WHEREAS, it is the policy of the State to extend rational encouragement to the domestic processing of local raw material, such as copra;

WHEREAS, the tariff structures of certain importing countries result in a net effective burden on processed items as in the case of coconut oil;

WHEREAS, it is also necessary to channel, without unduly disrupting international commitments, some of the exported copra toward domestic processing to increase domestic capacity utilization and to bolster gain to the economy in terms of foreign exchange value added, employment and revenues;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and pursuant to Section 515 of the Tariff and Customs Code, do hereby further amend Presidential Decree No. 230, as amended, by increasing the export duty on copra from six per cent (6%) of the gross F.O.B. value to as follows:

(a) 7 1/2%, effective January 1, 1979 to December 31, 1980;

(b) 9%, effective January 1, 1981 to December 31, 1982; and

(c) 10%, effective January 1, 1983.

Notwithstanding the provisions of this Decree, nothing herein shall affect the authority of the President to modify or change by executive order the rates of duty on coconut products, as provided for in Section 515 of the Tariff and Customs Code.

This Decree shall take effect immediately.

Done in the City of Manila, this 11th day of June, in the year of Our Lord, nineteen hundred and seventy-eight.