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
Memorandum Orders April 2, 1996
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.
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