Section 3
SEC. 3. The foreign commodities allowed to be imported in exchange for products exported under this Act shall be limited to Essential Producer Goods (EP), Semi-essential Producer Goods (SEP) and Essential Consumer Goods (EC), the first two categories to comprise at least sixty per cent of the total imports, and their importation shall be made only upon prior valuation and approval by the Board for specific goods to be imported. The imported commodities shall be delivered only to the person, association, partnership or corporation named in the permit. The classification of commodities whose importation is allowed under this Act shall be governed by the Central Bank Statistical Classification of Commodities (SCC) as revised on December first, nineteen hundred and fifty-eight, or as in the future may accordingly be revised.