Re: Purchases Abroad (Import)
Letter of Instructions No. 37, issued by President Ferdinand E. Marcos on November 6, 1972, establishes guidelines for international trade during martial law. It mandates that all imports be conducted on a Free on Board (F.O.B.) basis, with freight payments made in pesos to local shipping agents. Additionally, it encourages the use of Philippine-flagged vessels for carrying imports and allows remittance in pesos for shipments on foreign-flagged vessels through the Central Bank. The Secretary of Finance and the Governor of the Central Bank are tasked with creating the necessary regulations for implementation.
Law Information
- Reference Number
- Letter of Instructions No. 37
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 6, 1972
LETTER OF INSTRUCTIONS NO. 37
| TO | : | The Secretary of Finance |
| The Governor, Central Bank |
Pursuant to Proclamation No. 1081, dated September 21, 1972, declaring a state of martial law, and in my capacity as Commander-in-Chief of all Armed Forces of the Philippines, and in order to promote the economic welfare of this country, I, FERDINAND E. MARCOS, President of the Philippines, hereby order that:
a) All purchases abroad (import) shall henceforth be made on F.O.B. basis;
b) All freight payments shall be made here in pesos to shipping agents or owners of vessels;
c) In case of alien flag vessels, agents may remit pesos earned through the Central Bank of the Philippines to shipowners abroad;
d) Preference of carrying imports should be Philippine flag vessels.
The Secretary of Finance and the Governor of the Central Bank are hereby directed to coordinate in promulgating the necessary rules and regulations to implement this Letter of Instructions.
DONE in the City of Manila, this 6th day of November, in the year of Our Lord, Nineteen Hundred and Seventy-Two.
Cite This Law
Re: Purchases Abroad (Import), Letter of Instructions No. 37, Nov 6, 1972 (Philippines)
Re: Purchases Abroad (Import), Letter of Instructions No. 37 (Phil. 1972)
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