WHEREAS, Section
6 of RA 8479 otherwise known as the "Downstream Oil Industry Deregulation Act of
1998" provides that a single and uniform tariff duty is imposed and collected both on
imported crude oil and imported refined petroleum products at the rate of three percent
(3%);
WHEREAS, Sections
104 and 401 of the Tariff and Customs Code of the Philippines (PD No. 1464), as amended,
empower the President upon the recommendation of the National Economic and Development
Authority to increase, reduce, or remove existing protective rates of import duty, as well
as to modify the form of duty;
WHEREAS,
prices of imported crude oil and imported refined petroleum products in the international
markets indicate upward trend;
WHEREAS, it
is necessary to soften the impact of such increases on prices of basic commodities and
services;
NOW, THEREFORE, I
JOSEPH EJERCITO ESTRADA, President of the Philippines, by virtue of the powers
vested in me by law, do hereby order:
Section 1.
The rate of import duty for imported crude oil and selected refined petroleum products as
specifically listed in Annex "A" hereof, as classified under Section 104 of the
Tariff and Customs Code of 1978, as last amended EO 461, dated 31 December 1997, shall be
reduced from three percent (5) to zero percent (0%).
Section 2. The
nomenclature and the rates of import duty on tariff headings not enumerated and listed in
Annex "A" hereof shall remain in force and effect.
Section 3.
The zero import duty rates shall be in effect for three (3) months and may be extended by
the President upon recommendation of the National Economic and Development Authority.
Section 4.
Upon the effectivity of this Executive Order, the articles specifically listed in the
aforesaid Annex "A" which are entered or withdrawn from warehouses in the
Philippines for consumption shall be levied the rates of duty therein prescribed.
Section 5. All
Presidential issuances, administrative rules and regulations, or parts thereof, which are
inconsistent with this Executive Order are hereby repealed or modified accordingly.
Section 6. This
Executive Order shall take effect immediately.
DONE, in the City of Manila, this l8th of November, in the Year of Our
Lord, Two Thousand.
