WHEREAS, the establishment under Administrative Order No. 266, series of 1992, of the One-Stop Shop Inter-Agency Tax Credit and Duty Drawback Center (CENTER) in the Department of Finance has greatly enhanced and facilitated the processing and release of claims for tax credits/duty drawbacks by export-oriented firms;

WHEREAS, there is still a need to further reinforce and strengthen the operation of the CENTER in support of global competitiveness;

NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby order the following:

SECTION 1. CENTER - The CENTER is hereby declared and made a permanent unit in the Department of Finance, and its personnel complement shall be appointed in accordance with existing Civil Service Law, rules and regulations.

SEC. 2. HARMONIZED TAX CREDITS - The CENTER is directed to institute a simplified and harmonized system of tax credits in order to facilitate trade and enhance the competitiveness of the export sector.

SEC. 3. FEES AND OTHER INCOME - Subject to budgetary laws, circulars, and regulations, income from fees and other charges collected by the CENTER shall constitute a trust fund which shall be expended exclusively in accordance with the purposes of Administrative Order No. 266, series of 1992.

SEC. 4. REPEALING CLAUSE - All orders, guidelines, and regulations or portions thereof, which are in conflict with this Administrative Order are hereby repealed or modified accordingly.

SEC. 5. EFFECTIVITY - This Administrative Order shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation.

DONE in the City of Manila, this 19^th day of July, in the year of Our Lord, nineteen hundred and ninety-four.

(Sgd.) FIDEL V. RAMOS
President of the Philippines

By the President:
(Sgd.) TEOFISTO T. GUINGONA, JR.
Executive Secretary