WHEREAS, in order to minimize the burden of the consuming
public from these price increases, it has been desirable and necessary
to subsidize the importation of iron and steel slabs and coils for
rerolling, unwrought zinc and unwrought tin, to the extent of the
customs duties which would have been shifted to the consumers;
WHEREAS, the Iron and Steel Authority and its predecessor,
the Presidential Steel Committee, have set prices for steel products
from January 1, 1973 onwards on the basis that the rerolling mills,
galvanizing plants and electrolytic tinning operators would be paid a
subsidy equal to the tariff imposed on imports of hot rolled coils,
unwrought zinc and unwrought tin;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution,
do hereby decree and order the addition of a supplemental appropriation
in Presidential Decree No. 238, the Appropriation Act for Fiscal Year
1973-1974 as follows:
Supplemental appropriation for reimbursement to steel rolling mills,
galvanizers and electrolytic tinning line operators of customs duty
under headings 73.07, 73.08, 79.01 and 80.01 Schedule XV of the Tariff
and Customs Code, as amended—P44 million: Provided, That this
appropriation shall be released to the Iron and Steel Authority which
shall authorize payments therefrom to the Bureau of Customs to meet
customs duties incurred in the importations of hot rolled coils,
unwrought zinc and unwrought tin by companies engaged in the manufacture
of hot or cold rolled steel coils and sheets, galvanized iron sheets
and tinplates: Provided, further, That no releases from the fund
shall be made without the written authorization of the Iron and Steel
Authority: Provided, further, That no releases will be made out
of this appropriation except to subsidize customs duty charged on
imports made on or after January 1, 1973 for iron and steel slabs and
coils for rerolling and unwrought tin and importations after April 1,
1973 of unwrought zinc: Provided, further, That payments out of
this appropriation shall be in the form of fund transfers into the
Bureau of Customs income account, except that actual cash payments made
by authorized companies to meet above-described customs duties prior to
approval of this decree will be reimburse upon approval by the Iron and
Steel Authority: Provided, further, That the order for transfer
of funds into the Bureau of Customs account duly directed by the Iron
and Steel Authority and acknowledged by the Bureau of the Treasury will
constitute evidence of payment of corresponding customs duty
liabilities: Provided, finally, That any or all outstanding
obligations which any beneficiary of this subsidy may owe the National
Government and/or its agencies or instrumentalities, including
Government-owned or controlled corporations, shall have a prior lien on
the subsidies which are payable under this Decree.
This Decree shall be effective immediately.
Done in the City of Manila, this 3rd day of June, in the year of Our
Lord, nineteen hundred and seventy-four.
(Sgd.)
FERDINAND E. MARCOS
President of the Philippines
By the President:
(Sgd.)
ALEJANDRO MELCHOR
Executive Secretary