Section 2
SEC. 2. A new Section 28l-A is hereby added to Title VIII of the same Code which shall read as follows: "SEC. 281 (a) Flexibility Clause. — In the interest of the national economy and general welfare, the President, upon recommendation of the Minister of both the Ministries of finance and Natural Resources is hereby empowered to revise the rates of tax on and classification of forest products. "The foregoing authorities may be exercised by the President if any of the following conditions exist: "(a) Where, in the interest of economic development, it is necessary to redirect expenditures or consumption patterns; "(b) Whenever by reason of fluctuation of currency values and/or inflation or deflation, the existing taxable base and rate levels are no longer realistic or consistent with the current price levels; "(c) When it is necessary to counter adverse action on the part of another country or adverse international market conditions; or "(d) When there is need to obviate unemployment and economic and social dislocation. "Before any recommendation is submitted to the President by the Minister of Finance and the Minister of Natural Resources pursuant to the provision of this section, a public hearing shall, whenever practicable, be held and interested parties afforded a reasonable opportunity to be heard."