Amending Executive Order No. 906, Further Directing the Review of the Progressive Car Manufacturing Program (Pcmp), and For Other Purposes

EXECUTIVE ORDER NO. 248 July 24, 1987

AMENDING EXECUTIVE ORDER NO. 906, FURTHER DIRECTING THE REVIEW OF THE PROGRESSIVE CAR MANUFACTURING PROGRAM (PCMP), AND FOR OTHER PURPOSES

WHEREAS, Executive Order No. 906, issued on August 4, 1983, directed the review by the Board of Investments of the Progressive Car Manufacturing Program (PCMP);

WHEREAS, as a result of its most recent review, the Board of Investments is formulating a Car Development Program ( P) together with a Commercial Vehicle Development Program (CVDP) to supplant the PCMP and the Progressive Truck Manufacturing Program (PTMP);

WHEREAS, it is necessary to revise Executive Order No. 906 in order that the Government may adopt fundamental reforms in the PCMP;

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order;

Sec. 1. The Board of Investments shall, in consultation with the appropriate agencies, review and revise the Progressive Car Manufacturing Program as adopted in 1970, with the end objective of...

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Summary of Executive Order No. 248

Amending the Progressive Car Manufacturing Program (PCMP)
- Directs the Board of Investments to review and revise the PCMP adopted in 1970. (Section 1)
- The objective is to achieve economic balance, considering technology development, increased domestic manufacturing activity, optimum use of existing domestic manufacturing facilities, foreign exchange savings, and reasonable consumer prices. (Section 1)

Establishing a Car Development Program (CDP)
- The Board of Investments shall recommend new guidelines for a CDP, including the number of participants. (Section 2)
- The President shall promulgate the necessary guidelines based on the Board's recommendations. (Section 2)
- The new guidelines shall indicate the commitments of the participant(s) and the terms and conditions. (Section 3)

Establishing a Commercial Vehicle Development Program (CVDP)
- The Board of Investments shall review and revise the Progressive Truck Manufacturing Program (PTMP) to recommend new guidelines for a CVDP. (Section 4)
- The President shall promulgate the necessary guidelines based on the Board's recommendations. (Section 4)

Foreign Exchange Allocations
- The Central Bank shall grant foreign exchange allocations to support the participants of the new programs upon the recommendation of the Board of Investments. (Section 5)

Immediate Effect
- This Executive Order shall take effect immediately. (Section 6)