EXECUTIVE ORDER NO. 384 March 11, 1972
PROMULGATING POLICY GUIDELINES AND TRADE WITH SOCIALIST AND COMMUNIST COUNTRIES
WHEREAS, it is in the national interest to develop as early as possible trade and other relations with all countries, including socialist and communist countries, a policy which has received the support of all significant sectors in the country;
WHEREAS, policy guidelines must be adopted for the orderly conduct of such trade relations;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby promulgate the following policy guidelines:
A. Commodity Pattern
1. All present and potential export products of the Philippines shall be allowed.
2. In case of importation, priority shall be given to the following commodities:
a. Heavy machinery and equipment, including spare parts, particularly those that will carry them some technology transfer. Preference shall be given to those not produced locally.
b. Raw materials, including fuel, which are not produced locally.
c. Essential consumer products which are not produced...
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Executive Orders
Promulgating Policy Guidelines and Trade With Socialist and Communist Countries
Executive Order No. 384
EXECUTIVE ORDER NO. 384
Promulgating Policy Guidelines and Trade with Socialist and Communist Countries
A. Commodity Pattern
- All Philippine export products shall be allowed. (A.1)
- For imports, priority shall be given to: (A.2)
a. Heavy machinery, equipment, and spare parts, preferably with technology transfer, and those not produced locally. (A.2.a)
b. Raw materials and fuel not produced locally. (A.2.b)
c. Essential consumer products not produced locally. (A.2.c)
B. Channels of Trade
- Exports through normal private commercial channels and government trading firms like NETRACOR. (B.1)
- Initially, imports solely through NETRACOR, coordinated through Department of Commerce and Industry. (B.1)
- Establishment of resident trading representatives from socialist and communist countries to be referred to Department of Commerce and Industry. (B.2)
- Travel for trading purposes to socialist and communist countries shall be normalized. (B.3)
- Trade communication between the Philippines and socialist and communist countries shall be allowed. (B.4)
- Entry and exit of commercial vessels from socialist and communist countries shall be allowed. (B.5)
- Exchange of legitimate trade missions and traders shall be allowed. (B.6)
C. Payments Arrangement
- Payments through instruments acceptable to central banks of both countries, following their foreign exchange regulations. (C.1)
- Payments in convertible currencies like US dollar, English pound, German mark, Swiss franc, French franc, Italian lira, Dutch guilder, Canadian dollar, or Japanese yen. (C.2)
- Clearing arrangements with swing credits and balance settled in convertible currencies may be adopted on a case-by-case basis. (C.2)
- Establishment of normal banking correspondent relations shall be allowed. (C.3)
D. Miscellaneous
- Documentation of merchandise to be done by designated Philippine embassy, consulate, or honorary consulate until diplomatic/consular relations are established. (D.1)
- Inspection of imports and exports through an independent international superintendent or surveyor acceptable to both parties. (D.2)
- Disputes shall be submitted for mutually acceptable arbitration. (D.3)
- Trade with socialist and communist countries shall follow Philippine laws, rules and regulations on trade and foreign exchange. (Closing statement)
Promulgating Policy Guidelines and Trade with Socialist and Communist Countries
A. Commodity Pattern
- All Philippine export products shall be allowed. (A.1)
- For imports, priority shall be given to: (A.2)
a. Heavy machinery, equipment, and spare parts, preferably with technology transfer, and those not produced locally. (A.2.a)
b. Raw materials and fuel not produced locally. (A.2.b)
c. Essential consumer products not produced locally. (A.2.c)
B. Channels of Trade
- Exports through normal private commercial channels and government trading firms like NETRACOR. (B.1)
- Initially, imports solely through NETRACOR, coordinated through Department of Commerce and Industry. (B.1)
- Establishment of resident trading representatives from socialist and communist countries to be referred to Department of Commerce and Industry. (B.2)
- Travel for trading purposes to socialist and communist countries shall be normalized. (B.3)
- Trade communication between the Philippines and socialist and communist countries shall be allowed. (B.4)
- Entry and exit of commercial vessels from socialist and communist countries shall be allowed. (B.5)
- Exchange of legitimate trade missions and traders shall be allowed. (B.6)
C. Payments Arrangement
- Payments through instruments acceptable to central banks of both countries, following their foreign exchange regulations. (C.1)
- Payments in convertible currencies like US dollar, English pound, German mark, Swiss franc, French franc, Italian lira, Dutch guilder, Canadian dollar, or Japanese yen. (C.2)
- Clearing arrangements with swing credits and balance settled in convertible currencies may be adopted on a case-by-case basis. (C.2)
- Establishment of normal banking correspondent relations shall be allowed. (C.3)
D. Miscellaneous
- Documentation of merchandise to be done by designated Philippine embassy, consulate, or honorary consulate until diplomatic/consular relations are established. (D.1)
- Inspection of imports and exports through an independent international superintendent or surveyor acceptable to both parties. (D.2)
- Disputes shall be submitted for mutually acceptable arbitration. (D.3)
- Trade with socialist and communist countries shall follow Philippine laws, rules and regulations on trade and foreign exchange. (Closing statement)