Section 4
SEC. 4. In budgeting the dollars available for essential imports, dollars shall be allocated for the importation of machinery, equipments, and raw materials for essential industries which should be encouraged and protected: Provided, however, That in the granting of dollar exchange, first priority shall be given to any government agency which is charged with the duties and functions of stockpiling essential articles, goods, or commodities, and/or with the stabilization of prices; and to all government agencies and instrumentalities for their essential needs as approved by the Department Secretary concerned. Second priority shall be granted the needs of bona fide producers as regards the capital equipment and raw materials needed by them to the extent that they are not produced locally in adequate quantities. After meeting the requirements mentioned above in the preceding paragraphs, the balance of the available foreign exchange shall be distributed among business firms and bona fide importers in accordance with the rules and regulations in the allocation of quotas, in proportion to their individual average importation in the year 1949, including such reasonable allocation for bona fide new Filipino importers as would encourage them to participate in importation. The term "producers" shall include not only producers of agricultural and industrial products, but also public utilities, hospitals, publishers, educational institutions and, in general, institutions promoting the economic development of the country.