Amending Section 402 Of Republic Act Numbered Nineteen Hundred And Thirty Seven As Amended, Otherwise Known As The Tariff And Customs Code Of The Philippines

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M a n i l a

PRESIDENTIAL DECREE No. 1268

AMENDING SECTION 402 OF REPUBLIC ACT NUMBERED NINETEEN HUNDRED AND THIRTY SEVEN AS AMENDED, OTHERWISE KNOWN AS THE TARIFF AND CUSTOMS CODE OF THE PHILIPPINES

WHEREAS, pursuant to the Declaration of ASEAN Concord signed in Bali, Indonesia, the Member States of ASEAN have agreed to establish preferential trading arrangements among themselves;

WHEREAS, the Philippines is a Contracting Party to the Agreement on ASEAN Preferential Trading Arrangements (PTA) which was fully ratified on 1 August 1977 by all Contracting Parties;

WHEREAS, pursuant to the said Agreement, the Member States of ASEAN have agreed to grant each other an effective ASEAN margin to tariff preference on a product-by-product basis;

WHEREAS, in order to effectively implement the ASEAN PTA it is necessary to amend certain provisions in the Tariff and Customs Code;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution of the Philippines do hereby decree the following as part of...

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Summary of Presidential Decree No. 1268

Amending Section 402 of Republic Act No. 1937 (Tariff and Customs Code of the Philippines)

- Background:
    - The Philippines is a contracting party to the Agreement on ASEAN Preferential Trading Arrangements (PTA), ratified on August 1, 1977.
    - To effectively implement the ASEAN PTA, certain provisions in the Tariff and Customs Code need to be amended.

- Provisions:
    - Section 1 amends Section 402 Subsection (a) of Republic Act No. 1937 as follows:
        - The President is authorized to modify import duties and other import restrictions to carry out and promote foreign trade with other countries. (Section 402(a)(2))
        - Any modification of import duties and fixing of import quotas made pursuant to the Agreement on ASEAN Preferential Trading Arrangements shall not be subject to the limitations of Section 401(a). (Section 402(a)(2), Proviso)

- Repealing Clause:
    - All laws, executive orders, or regulations inconsistent with this decree are repealed or amended accordingly. (Section 2)

- Effectivity:
    - This decree shall take effect immediately. (Section 3)