Letter of Instructions No. 1347
Letter of Instructions No. 1347, issued by President Ferdinand E. Marcos on July 22, 1983, addresses the rising prices of coconut products in the Philippines due to their high market value compared to other vegetable oils. It mandates the United Coconut Oil Mills, Inc. to act as the sole importer of substitute oils, exempting such imports from taxes and duties to ensure affordability for consumers. The Central Bank is directed to provide the necessary foreign exchange for these imports, while the Philippine Coconut Authority is tasked with coordinating implementation efforts. The overarching goal is to stabilize prices and secure a continuous supply of essential consumer products.
Quick Answers
- What is Letter of Instructions No. 1347 about?
- Letter of Instructions No. 1347, issued by President Ferdinand E. Marcos on July 22, 1983, addresses the rising prices of coconut products in the Philippines due to their high market value compared to other vegetable oils. It mandates the United Coconut Oil Mills, Inc. to act as the sole importer of substitute oils, exempting such imports from taxes and duties to ensure affordability for consumers. The Central Bank is directed to provide the necessary foreign exchange for these imports, while the Philippine Coconut Authority is tasked with coordinating implementation efforts. The overarching goal is to stabilize prices and secure a continuous supply of essential consumer products.
- What type of law is Letter of Instructions No. 1347?
- Letter of Instructions No. 1347 (Letter of Instructions No. 1347) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Letter of Instructions No. 1347 enacted?
- Letter of Instructions No. 1347 (Letter of Instructions No. 1347) was enacted on Jul 22, 1983.
- What is the citation for Letter of Instructions No. 1347?
- Letter of Instructions No. 1347, Letter of Instructions No. 1347, Jul 22, 1983 (Philippines)
Law Information
- Reference Number
- Letter of Instructions No. 1347
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
July 22, 1983
LETTER OF INSTRUCTIONS NO. 1347
| TO | : | The Central Bank of the Philippines |
| The Bureau of Customs | ||
| The Philippine Coconut Authority | ||
| The United Coconut Oil Mills, Inc. |
WHEREAS, the price of coconut products in the world market is more than double that of other edible oils, principally soybean oil and palm oil;
WHEREAS, unless corrective measures are immediately adopted and expeditiously implemented, the prices of coconut-based consumer products such as cooking oil and laundry soaps will rapidly rise to levels that are beyond the financial capacity of most of the citizenry;
WHEREAS, it is to the interest of the country that it maximizes its foreign exchange earnings from the exportation of coconut products;
WHEREAS, it is imperative that measures be adopted to insure that the country shall have continuous and adequate supply of consumer products such as cooking oil at reasonable prices within the guidelines prescribed by the Government;
WHEREAS, considering that the prices of substitute vegetable oils like palm oil and soybean oil are less than half that of coconut oil, it is to the public interest that coconut oil for domestic consumption be substituted in whole or in part by such substitute oils;
NOW, THEREFORE, by virtue of the powers vested in me by the Constitution and the laws, I, FERDINAND E. MARCOS, President of the Philippines do hereby order that the following be implemented;
SECTION 1. The United Coconut Oil Mills, Inc. is hereby directed and constituted as the sole importer of substitute vegetable oils which shall be sold to refiners and manufacturers of consumer products such as cooking oil and shortening.
SECTION 2. The importation of such substitute vegetable oils by the United Coconut Oil Mills, Inc. shall be exempt from all applicable taxes and duties until further orders by the President of the Philippines.
SECTION 3. The Central Bank of the Philippines shall make available to the United Coconut Oil Mills, Inc. the requisite foreign exchange to effect the mandated importation of substitute vegetable oils.
SECTION 4. The Philippine Coconut Authority shall coordinate with the different government agencies concerned for the full and prompt implementation of the provisions of this Letter of Instructions.
DONE in the City of Manila, this 22nd day of July, Nineteen Hundred and Eighty Three.
Cite This Law
Letter of Instructions No. 1347, Letter of Instructions No. 1347, Jul 22, 1983 (Philippines)
Letter of Instructions No. 1347, Letter of Instructions No. 1347 (Phil. 1983)
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