[ MEMORANDUM ORDER NO. 358, April 02, 1996 ]
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.
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.
Adopted: 02 April 1996
By authority of the President:
(SGD.) RUBEN D. TORRES
Executive Secretary
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.
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.
Adopted: 02 April 1996
By authority of the President:
(SGD.) RUBEN D. TORRES
Executive Secretary