MODIFYING THE RATES OF IMPORT DUTY ON CERTAIN IMPORTED ARTICLES AS PROVIDED UNDER PRESIDENTIAL DECREE NO. 1464, OTHERWISE KNOWN AS THE TARIFF AND CUSTOMS CODE OF 1978, AS AMENDED

WHEREAS, to meet the above objective, Executive
Order 609 was promulgated on August 1, 1980;

WHEREAS, it is desirable to allow certain export
enterprise registered with the Board of Investments or the Export Processing
Zone Authority, which are employing a great number of Filipinos in the
production of watches and other time pieces, to sell a part of their production
not exceeding 20% to the local market in order to afford Filipinos a chance to
purchase watches at the least and most economical price, while at the same time
maintain their export capabilities;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President
of the Philippines, pursuant to the powers vested in me by Section 401 of
Presidential Decree No. 1464, as amended, do hereby direct and order:

SECTION 1. The articles specifically listed below,
as classified under Section 104 of Presidential Decree No. 1464 shall pay the
rates of import duty indicated opposite each article:

SECTION 2. After the expiration of thirty days from
the issuance of this order, all the above-described articles entered or
withdrawn from customs warehouses in the Philippines, for consumption, shall be
subject to the rates of import duty herein prescribed.

SECTION 3. The amendment herein prescribed shall be
in addition to those contained in Executive Order No. 609, dated August 1,
1980, including Annexes “A” and “B” thereof.

Done in the City of Manila, this 2nd day of
October, in the year of Our Lord, nineteen hundred and eighty.

By the President:

(SGD.) JOAQUIN T. VENUS, JR.
Presidential Assistant