Section 1
SECTION 1. Section 402 Subsection (a) of Republic Act Numbered Nineteen Hundred and Thirty Seven as amended is hereby further amended to read as follows: "Section 402. Promotion of Foreign Trade. — For the purpose of expanding foreign markets for Philippine products as a means of assistance in the economic development of the country, in overcoming domestic unemployment, in increasing the purchasing power of the Philippine peso, and in establishing and maintaining better relations between the Philippines and other countries, the President, is authorized from time to time: To enter into trade agreements with foreign governments or instrumentalities thereof; and To modify import duties (including any necessary change in classification) and other import restrictions, as are required or appropriate to carry out and promote foreign trade with other countries: Provided, however, that in modifying import, duties or fixing import quota the requirements prescribed in subsection "a" of Section 401 shall be observed: Provided, further, THAT ANY MODIFICATION OF IMPORT DUTIES AND ANY FIXING OF IMPORT QUOTAS MADE PURSUANT TO THE AGREEMENT ON ASEAN PREFERENTIAL TRADING ARRANGEMENTS RATIFIED ON AUGUST 1, 1977 SHALL NOT BE SUBJECT TO THE LIMITATIONS OF THE AFORESAID SUBSECTION "A" OF SECTION 401.