Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. No importation into the Philippines under the so-called "no-dollar remittance" shall be allowed except:

1. Subject to tariff and internal revenue laws, machineries, equipments, their accessories, and capital goods except raw materials imported by persons engaged in dollar-producing and dollar-saving industries as certified by the Secretary of Commerce and Industry when the said machineries, equipments, their accessories and capital goods are needed and will be used in such industries: Provided, That the repatriation of the dollar value of said capital investments shall not be allowed except when authorized by the President who shall take into consideration the level of our dollar reserves.
   
2. Commodities of a value not exceeding ten thousand pesos which are being imported for the personal use of the person or family importing them, as well as gifts sent from abroad through the post office, of an aggregate value of not more than five hundred pesos unless there is evidence of abuse in the use of this privilege, each gift to be allowed only once every six months. In case, however, of Filipino residents abroad, they may send gifts of a value not more than five hundred pesos each gift once every month, but which may be accumulated to a value not exceeding five thousand pesos.
   
3. Commodities brought from abroad by a person who is returning to the Philippines, provided they are not being brought for commercial purposes, and do not exceed five thousand pesos in value, unless there is evidence of abuse in the use of this privilege, provided this allowance will be granted only to persons returning to the Philippines once a year.
   
4. Commodities in exchange for goods exported by persons or firms making the importation on a straight barter basis when authorized by the Secretary of Commerce and Industry.
   
5. Cloths of all kinds entering the Philippines on consignment basis to be embroidered in the country and re-exported abroad after having been embroidered: Provided, That a sufficient bond be required to insure re-exportation under such rules and regulations that the Department of Commerce and Industry may promulgate.
   
6. Commodities imported pursuant to the provisions of subsections (b), (c) and (d) in excess of the amounts therein authorized shall be subject to seizure and confiscation as provided in Section 3 thereof.

SEC 2. Definition.—For the purposes of this Act imports under the "no-dollar remittance" basis, refer to those commodities, goods or merchandise which are imported for the payment of which no foreign exchange has been allocated by the Central Bank of the Philippines.

SEC. 3. Any violation of this law or any provision hereof shall subject the articles imported to seizure and confiscation by the Collector of Customs without any right of redemption or release under bond, existing laws to the contrary notwithstanding: Provided, however, That goods and commodities in transit or previously imported on a no-dollar remittance basis at the time of the approval of this Act shall not be affected by the operation of this Act.

SEC. 4. Any person wilfully violating the provisions of section 1 (a) of this Act shall suffer imprisonment of not more than one year in the discretion of the court, in addition to the penalty provided for in section three hereof.

SEC. 5. The implementation of the provisions of this Act shall be as it hereby is entrusted to the Department of Commerce and Industry which is hereby empowered to draft, promulgate and publish such rules and regulations as it may deem necessary for such implementation.

SEC. 6. All existing laws or parts thereof, executive orders and administrative regulations contrary to the provisions of this Act are hereby repealed: Provided, That no Provision of this Act shall be interpreted to allow the importation of articles which are limited or prohibited to be imported by existing law, like virginia leaf tobacco, garlic, potatoes and cabbages.

SEC. 7. This Act shall take effect upon its approval.

Enacted, without Executive approval, September 10, 1955.