Authorizing the National Food Authority to Import 300,000 Metric Tons of Corn Duty-Free
Memorandum Order No. 468, issued on March 17, 1998, authorizes the National Food Authority (NFA) to import 300,000 metric tons of corn duty-free to address a projected shortage due to El Niño and to support the hog and poultry industries. The NFA is tasked with creating guidelines for the allocation of these imports among registered corn users, ensuring that the corn is sold at specified ex-vessel costs. Proceeds from this importation will be held in trust for corn development projects, subject to approval from a committee comprising representatives from both the corn producers and users, as well as a government representative. The Department of Finance is directed to provide the necessary duty-free privileges and loan guarantees for the import, which must arrive by June 30, 1998. This order supersedes a previous memorandum and takes immediate effect.
Quick Answers
- What is Authorizing the National Food Authority to Import 300,000 Metric Tons of Corn Duty-Free about?
- Memorandum Order No. 468, issued on March 17, 1998, authorizes the National Food Authority (NFA) to import 300,000 metric tons of corn duty-free to address a projected shortage due to El Niño and to support the hog and poultry industries. The NFA is tasked with creating guidelines for the allocation of these imports among registered corn users, ensuring that the corn is sold at specified ex-vessel costs. Proceeds from this importation will be held in trust for corn development projects, subject to approval from a committee comprising representatives from both the corn producers and users, as well as a government representative. The Department of Finance is directed to provide the necessary duty-free privileges and loan guarantees for the import, which must arrive by June 30, 1998. This order supersedes a previous memorandum and takes immediate effect.
- What type of law is Memorandum Order No. 468?
- Authorizing the National Food Authority to Import 300,000 Metric Tons of Corn Duty-Free (Memorandum Order No. 468) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Authorizing the National Food Authority to Import 300,000 Metric Tons of Corn Duty-Free enacted?
- Authorizing the National Food Authority to Import 300,000 Metric Tons of Corn Duty-Free (Memorandum Order No. 468) was enacted on Mar 17, 1998.
- What is the citation for Authorizing the National Food Authority to Import 300,000 Metric Tons of Corn Duty-Free?
- Authorizing the National Food Authority to Import 300,000 Metric Tons of Corn Duty-Free, Memorandum Order No. 468, Mar 17, 1998 (Philippines)
Law Information
- Reference Number
- Memorandum Order No. 468
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Memorandum Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 17, 1998
MEMORANDUM ORDER NO. 468
AUTHORIZING THE NATIONAL FOOD AUTHORITY TO IMPORT 300,000 METRIC TONS OF CORN DUTY-FREE
The National Food Authority (NFA) is hereby granted authority to import 300,000 metric tons (MT) of corn to help ensure sufficient supply of corn in the face of a projected corn shortage as a result of El Niño, and to provide relief to the hog and poultry industries.
The NFA, in consultation with the corn users and producers, is also instructed to prepare the guidelines for the allocation of such imports among corn users registered or accredited by the Bureau of Animal Industry in order to stabilize domestic corn prices. These guidelines should allow such imports to be sold at the actual ex-vessel cost, or P6.50 per kilo in the case of shipments landed in Manila, whichever is higher. For shipments landed in Mariveles, such imports should be sold at the actual ex-vessel cost of P6.30 per kilo, whichever is higher. Any net proceeds accruing from this importation will be held in trust by the NFA and be used for corn development projects. The use of such funds shall be subject to the approval of a Committee to be created by the Secretary of Agriculture which will be composed of three (3) representatives from the corn producers, three (3) from the corn users sector and one (1) from the government.
The Department of Finance and other concerned agencies are hereby directed to grant the NFA duty/tariff-free privileges for the importation of 300,000 MT of corn and the needed loan guarantee cover, provided such imports arrive in the Philippines not later than 30 June 1998.
This Memorandum Order (MO) supersedes MO No. 444 issued on 08 September 1997 and shall take effect immediately.
DONE in the City of Manila, this 17th day of March, in the year of Our Lord, Nineteen Hundred and Ninety-Eight.
Cite This Law
Authorizing the National Food Authority to Import 300,000 Metric Tons of Corn Duty-Free, Memorandum Order No. 468, Mar 17, 1998 (Philippines)
Authorizing the National Food Authority to Import 300,000 Metric Tons of Corn Duty-Free, Memorandum Order No. 468 (Phil. 1998)
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