SURRENDERS OF EXPORT QUOTAS (EQS) (JUNE 1, 1992-AUGUST 15, 1992)
National Administrative Register [ GTEB CIRCULAR NO. 039, August 06, 1992 ]
I. The Board on 06 August 1992 responding to problems besetting the industry specifically due to power interruptions and in view of the urgency to maximize exports, APPROVED & CONFIRMED the following decisions with respect to the request of the industry:
- EQs surrendered after 31 May 1992 but not later than 15 August 1992 shall have 90% restoration rights in 1993 (15 August being a Saturday, last day of surrender is on Monday, 17 August 1992);
- No monetary penalties shall be imposed on said surrenders;
- EQ surrenders after 17 August 1992 shall be subject to the usual penalties provided in the GTEB Rules & Regulations;
- Firms who will not surrender on or before 17 August 1992 will likewise submit their confirmed POs corresponding to their EQ holdings on hand subject to inspection/verification;
- Firms who failed to submit their confirmed POs as required in No. 4 above shall be asked to explain the non-surrenders of their EQ and non-submission of confirmed POs and why their quotas will not be forfeited;
II. The Board further noted the representation of the industry that power interruptions can no longer be used as reason for non-surrender/non-performance after 17 August 1992 & for waiver/exemption from penalties imposed by GTEB.
For guidance and information.
Adopted 6 Aug 1992
(SGD.) ATTY. AURORA MA. F. TIMBOL
Executive Director
Executive Director