Imposition of Premium Duty on Certain Export Products

February 17, 1974 EXECUTIVE ORDER NO. 425 IMPOSINGPREMIUM DUTY ON CERTAIN EXPORT PRODUCTS IN ADDITION TO EXPORTTARIFFS PROVIDED FOR UNDER REPUBLIC ACT NO.1937, OTHERWISE KNOWN AS THE "TARIFFAND CUSTOMSCODE", AS AMENDED BY PRESIDENTIAL DECREE NO.230 Pursuant to the powers vested in me by Section 515 of Republic Act No. 1937, as amended by Presidential Decree No. 230, I, FERDINAND E. MARCOS, President of the Philippines, do hereby direct and order that: cdt SECTION 1. In addition to the export duties, herein referred to as basic rate, levied under Section 514, Title III, Book I of R.A. No. 1937, as amended by P.D. No. 230, there shall be levied assessed and collected a premium duty on the difference between the current price as established by the Bureau of Customs and the base price of the products as established in Section II hereof in accordance with the following schedule: Export Products Premium Duty WOOD PRODUCTS (1) Logs, including poles 30% (2) Lumber 20% (3) Veneer, face and core 20% (4) Plywood 20% MINERAL PRODUCTS (1) Metallic ores and concentrates (a) Copper 30% (b) Iron 20% (c) Chromite 20% (2) Non-metallic (a) Clinker, cement 20% (b) Portland cement 20% PLANT AND VEGETABLE PRODUCTS (1) Coconut (a) Copra 30% (b) Desiccated coconut 20% (c) Copra meal or cake 20% (d) Coconut oil 20% (2) Sugar and sugar products (a) Centrifugal sugar 20% (b) Molasses 20% Should the current price of any export product be below the established base price, then only the basic rate prescribed under P.D. No. 230 shall be applied. 9SECTION 2. Initially, the base prices upon which the premium duty shall be levied shall be eighty per centum (80%) of the F.O.B. value of the exports established by the Bureau of Customs for February 1974. The National Economic and Development Authority shall, from time to time, review and establish such base prices taking into account, among others, the cost conditions in the various industries. SECTION 3. This Order shall take effect immediately. DONE in the City of Manila, this 17th day of February, in the Year of Our Lord, Nineteen Hundred and Seventy-Four. Published in the Official Gazette, Vol. 70 No. 14 page 2679 on April 8, 1974.