WHEREAS, national economic interest calls for a stabilization strategy to redistribute gains in the export sector generated by the recent adjustments in the exchange rate of the peso;

WHEREAS, the stabilization strategy must take the form of a measure that would counteract inflationary pressures as a result of increased peso earnings by the export sector;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, pursuant to the powers vested in me by the Constitution and the authority vested in me by Section 514 of Presidential Decree No. 1464, as amended, do hereby direct and order that:

SECTION 1. In addition to the export duties, herein referred to as basic rate, levied under Section 514, Title III, Book I of Presidential Decree No. 1464, as amended, there shall be levied, assessed and collected, an export duty on the gross FOB value at the time of shipment based on the prevailing rate of exchange, of the following products in accordance with the following schedule:

Export Products:

Additional Export Duty

Wood Products

(1) Logs, including poles

5%

(2) Lumber

2%

(3) Veneer, face and core

2%

(4) Plywood

2%

Plant and Vegetable Products

Additional

(1) Bananas

2%

(2) Coconut

(a) Copra

3%

(b) Coconut Oil

5%

(c) Copra meal/cake

4%

(d) Desiccated coconut

4%

(3) Pineapple

(a) Pineapple sliced or crushed

2%

(b) Pineapple juice or juice concentrate

2%

Animal Products

(1) Shrimps and prawns

2%

SECTION 2. There shall be levied, assessed and collected, an export duty on the gross FOB value at the time of shipment based on the prevailing rate of exchange, of the following products in accordance with the following schedule:

Plant and Vegetable Products

Export Duty

Coffee

2%

Animal Products

Tuna

2%

SECTION 3. Executive Order No. 593 suspending the Export Duty on Copra, Coconut oil, Copra meal/cake and Desiccated coconut, is hereby revoked and the rates of Export Duty prescribed on said Export products in Section 614 of Presidential Decree No. 1464, as amended, restored, as the basic rate. Customs Tariff Circular No. 21-79 suspending the Export Duty on shrimps and prawns is likewise hereby revoked and the rate of Export Duty prescribed on said export product in Section 614 of Presidential Decree No. 1464, as amended, restored, as the basic rate.

SECTION 4. All laws, Executive Orders, Customs Tariff Circulars, inconsistent herewith are hereby revoked or modified accordingly.

SECTION 5. This Executive Order shall take effect immediately and shall continue in effect until December 31, 1984.

DONE in the City of Manila, this 3rd day of November, in the year of Our Lord, nineteen hundred and eighty-three.


By the President:

(SGD.) JUAN C. TUVERA
Presidential Executive Assistant