AMENDING PRESIDENTIAL DECREE NO. 252 “AUTHORIZING THE CREATION OF A PHILIPPINE INTERNATIONAL TRADING CORPORATION, APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES”

• Number: Presidential Decree No. 349
• Sections: 5

Preamble

WHEREAS, it is necessary to further sustain the national

economic growth through the Philippine International Trading Corporation

by amending Presidential Decree No. 252, entitled “Authorizing the

Creation of a Philippine International Trading Corporation,

Appropriating Funds therefore, and for Other Purposes”;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the

Philippines, by virtue of the powers in me vested by the Constitution as

Commander-in-Chief of the Armed Forces of the Philippines, and pursuant

to Proclamation No. 1081, dated September 21, 1972, and General Order

No. 1, dated September 22, 1972, as amended, do hereby order and decree

that:

Section 1

SECTION 1. Paragraph 5 of Presidential Decree No. 252,

entitled “Authorizing the Creation of a Philippine International Trading

Corporation, Appropriating Funds Therefore, And For Other Purposes,” is

hereby amended to read as follows:

“WHEREAS, while developed economies have long relied on

large trading houses, our economy has yet to adopt and benefit from such

a trade assistance scheme;”

Section 2

SEC. 2. Section 5 of Article III of the same decree is

hereby deleted and Sections 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17,

18, 19 and 20 are hereby renumbered as Sections 5, 6, 7, 8, 9, 10, 11,

12, 13, 14, 15, 16, 17, 18 and 19.

Section 3 Repealing clause.

SEC. 3. Repealing clause. — All laws, rules,

regulations which are inconsistent herewith are hereby repealed,

modified and/or amended accordingly.

Section 4 Effectivity.

SEC. 4. Effectivity.- This Decree shall take effect

immediately.

Done in the City of Manila, this 22nd day of December, in the year

of Our Lord, nineteen hundred and seventy-three.

(Sgd.) FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.) ROBERTO V. REYES

Assistant Executive Secretary