Reducing the Rate of Import Duty on Crude Oil as Provided Under Presidential Decree No. 1464, Otherwise Known as Tariff and Customs Code of 1978, as Amended

EXECUTIVE ORDER NO. 303 August 25, 1987

REDUCING THE RATE OF IMPORT DUTY ON CRUDE OIL AS PROVIDED UNDER PRESIDENTIAL DECREE NO. 1464, OTHERWISE KNOWN AS TARIFF AND CUSTOMS CODE OF 1978, AS AMENDED

WHEREAS, the increase in the price of fuel oil and related products may trigger an increase in the cost of other basic commodities to the detriment of the consuming public.

WHEREAS, the import duty on crude oil, a basic raw material of gasoline and other derivative products, has an impact on the prices of such commodities; and

WHEREAS, to stabilize the prices of these basic commodities and keep them within the reach of the consuming public, there is a need to reduce the import duty on crude oil.

NOW, THEREFORE, I, CORAZON, C. AQUINO, President of the Philippines, by virtue of the powers vested in me by Section 401 of Presidential Decree No. 1464, as amended, do hereby order:

Sec. 1. The rate of import duty on crude oil falling under Section 104 of...

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Summary of Executive Order No. 303

Purpose: To reduce the import duty on crude oil to stabilize prices of basic commodities

- Reduces the import duty rate on crude oil from 20% to 15% ad valorem (Section 1)
• Applies to crude oil under Tariff Heading No. 27.09 of the Tariff and Customs Code
• Specific rate for "Other" crude oil is 15% ad valorem

- The reduced duty rate applies to crude oil entered or withdrawn from warehouses in the Philippines for consumption after the effectivity of the Executive Order (Section 2)

- Repeals or modifies any inconsistent orders, issuances, rules, and regulations (Section 3)

- Takes effect 30 days after August 25, 1987 (Section 4)