Fixing the Date of the Exemption of Wheat Flour From the Special Excuse Tax On Foreign Exchange

MALACAÑANGRESIDENCE OF THE PRESIDENTOF THE PHILIPPINESManila Proclamation No. 80 FIXING THE DATE OF THE EXEMPTION OF WHEAT FLOUR FROM THE SPECIAL EXCUSE TAX ON FOREIGN EXCHANGE WHEREAS, the imposition of the 17 percent special excise tax on foreign exchange on imported wheat flour tends to increase the price of bread and other essential commodities made from wheat flour; and WHEREAS, the interests of the national economy and the general welfare require that wheat flour be procured at the lowest possible price so as to place bread and other essential articles derived from wheat flour within the reach of the masses; NOW, THEREFORE, I, Ramon Magsaysay, President of the Philippines, by virtue of the powers vested in me by section 2 of Republic Act No. 1197, do hereby proclaim that effective upon the signing and promulgation of this proclamation, wheat flour shall be exempted from the payment of the 17 percent special excise tax on foreign exchange. IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the Republic of the Philippines...