EXECUTIVE ORDER NO. 447 January 14, 1975
CERTIFYING THAT THE PRODUCTION OF LUBRICATING OIL (INCLUDING LUBRICATING OIL BASE STOCK) AS A PREFERRED PIONEER INDUSTRY, BE ENTITLED TO POST-OPERATIVE TARIFF PROTECTION
WHEREAS, the Board of Investments has approved the for registration of the Philippine Petroleum for the manufacture of Lubricating oil as a preferred industry; and
WHEREAS, studies conducted by said Board indicates that project to be viable, needs tariff protection against imported items;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, upon the recommendation of the Board of Investments, pursuant to the provisions of Section 8(c) of Republic Act No. otherwise known as the Investment Incentives Act, do hereby certify that the production in the Philippines of lubrication oil (including lubricating oil base stock), as a preferred pioneer industry shall be entitled to a post-operative tariff protection in the form of increased customs duty on lubricating oil (including lubricating oil base stock), as follows, subject to the...
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Executive Orders
Certifying that the Production of Lubricating Oil (Including Lubricating Oil Base Stock) as a Preferred Pioneer Industry, Be Entitled to Post-Operative Tariff Protection
Executive Order No. 447
Summary of Executive Order No. 447
Certifying Lubricating Oil Production as a Preferred Pioneer Industry
- The Board of Investments approved the registration of Philippine Petroleum for the manufacture of lubricating oil as a preferred industry. (Preamble)
- Studies conducted by the Board of Investments indicate that the project is viable and needs tariff protection against imported items. (Preamble)
Tariff Rates for Lubricating Oil and Related Products
- The following tariff rates are imposed on lubricating oil and related products under Section 104 of Republic Act No. 1937, as amended by Presidential Decree No. 34: (Section 1)
• Petroleum oils and oils obtained from bituminous minerals, other than crude, containing not less than 70% by weight of petroleum oils or oils obtained from bituminous minerals, not included in Subheadings B or C: 30% ad valorem duty. (Section 1)
• Lubricating oil, including lubricating oil basestock, when imported with prior joint authorization by the Board of Investments, Tariff Commission, and the Oil Industry Commission; heavy oils, gas oils, fuel oils, aviation gasoline, white spirit, and naphtha: 20% ad valorem duty. (Section 1)
• Lubricating oil, including lubricating oil basestock, except when imported with prior joint authorization by the Board of Investments, Tariff Commission, and the Oil Industry Commission: 50% ad valorem duty. (Section 1)
Effective Date and Implementation
- The prescribed tariff rates shall take effect 30 days after the issuance of this Order for all articles entered or withdrawn from warehouse in the Philippines for consumption. (Section 2)
Price Monitoring and Tariff Rate Modification
- Any unwarranted increase in the prices of local products benefited by these tariff changes shall constitute grounds for the modification of these post-operative tariff rates. (Section 3)
- The Board of Investments shall make proper representations with the Tariff Commission for appropriate action regarding price monitoring and tariff rate modification. (Section 3)
Certifying Lubricating Oil Production as a Preferred Pioneer Industry
- The Board of Investments approved the registration of Philippine Petroleum for the manufacture of lubricating oil as a preferred industry. (Preamble)
- Studies conducted by the Board of Investments indicate that the project is viable and needs tariff protection against imported items. (Preamble)
Tariff Rates for Lubricating Oil and Related Products
- The following tariff rates are imposed on lubricating oil and related products under Section 104 of Republic Act No. 1937, as amended by Presidential Decree No. 34: (Section 1)
• Petroleum oils and oils obtained from bituminous minerals, other than crude, containing not less than 70% by weight of petroleum oils or oils obtained from bituminous minerals, not included in Subheadings B or C: 30% ad valorem duty. (Section 1)
• Lubricating oil, including lubricating oil basestock, when imported with prior joint authorization by the Board of Investments, Tariff Commission, and the Oil Industry Commission; heavy oils, gas oils, fuel oils, aviation gasoline, white spirit, and naphtha: 20% ad valorem duty. (Section 1)
• Lubricating oil, including lubricating oil basestock, except when imported with prior joint authorization by the Board of Investments, Tariff Commission, and the Oil Industry Commission: 50% ad valorem duty. (Section 1)
Effective Date and Implementation
- The prescribed tariff rates shall take effect 30 days after the issuance of this Order for all articles entered or withdrawn from warehouse in the Philippines for consumption. (Section 2)
Price Monitoring and Tariff Rate Modification
- Any unwarranted increase in the prices of local products benefited by these tariff changes shall constitute grounds for the modification of these post-operative tariff rates. (Section 3)
- The Board of Investments shall make proper representations with the Tariff Commission for appropriate action regarding price monitoring and tariff rate modification. (Section 3)