Memorandum Order No. 358, issued on April 2, 1996, authorizes the Department of Agriculture to implement a sugar swap program to address the sugar quota for the crop year 1995-1996. This program allows for the export of 229,393 MT of domestically produced sugar to the U.S. in exchange for the importation of raw cane sugar to meet local demand. Additionally, the Department of Finance is instructed to provide tariff-free privileges for the importation of this raw cane sugar. The order is effective immediately.
April 2, 1996
MEMORANDUM ORDER NO. 358
FILLING UP THE SUGAR QUOTA FOR THE CROP YEAR 1995-1996 AND GRANTING TARIFF-FREE PRIVILEGES FOR THE IMPORTATION OF RAW CANE SUGAR
In order to fill up the sugar quota for the crop year 1995-1996, the Department of Agriculture is hereby authorized to adopt countertrade sugar swap program at a ratio of 1:1.25.
Under this program, qualified domestically produced sugar will be exported to the United States in the amount of the allocated quota of 229,393 MT commercial weight for 1996. The Philippine International Trading Corporation will then import from the world market raw cane sugar to satisfy domestic market requirements. aisadc
The Department of Finance is hereby directed to grant tariff-free privileges for the importation of raw cane sugar.
This Memorandum Order shall take effect immediately.