Guest
[Entry]
"REPUBLIC ACT NO. 5490
AN ACT MAKING MARIVELES, PROVINCE OF BATAAN, A PORT OF ENTRY BY AMENDING SECTION SEVEN HUNDRED ONE OF THE TARIFF AND CUSTOMS CODE OF THE PHILIPPINES, AS AMENDED, PROVIDING FOR THE ESTABLISHMENT, OPERATION AND MAINTENANCE OF A FOREIGN TRADE ZONE THEREIN; CREATING A FOREIGN TRADE ZONE AUTHORITY; AND AUTHORIZING THE APPROPRIATION OF THE NECESSARY FUNDS THEREFOR.
Section 1. Declaration of Policy. — It is hereby declared to be the policy of the government to stimulate, expedite, encourage and promote foreign commerce as a means of making the Philippines a vital center of international trade, of strengthening our foreign exchange position, of hastening industrialization, of overcoming domestic unemployment, of accelerating the development of the country and of insuring the economic security of all the people as provided in the Constitution.cralaw
Sec. 2. Mariveles Port: establishment of foreign trade zone therein: admission of foreign and domestic merchandise. — To attain the above policy, Mariveles, Province of Bataan, is hereby made a principal port of entry by further amending section seven hundred one of Republic Act Numbered Nineteen hundred thirty-seven, otherwise known as the Tariff and Customs Code of the Philippines, as amended, to read as follows:
""
(1) When foreign merchandise is sent from the Zone into the customs territory of the Philippines, it shall be subject to the laws and regulations of the Philippines affecting imported merchandise;
(2) Whenever the privilege shall be requested and there has been no manipulation or manufacture effecting a change in tariff classification, the Commissioner of Customs, shall take under supervision any lot or part of a lot of foreign merchandise in the Zone, cause it to be appraised and taxes determined and duties liquidated thereon. Merchandise so taken under supervision may be stored, manipulated, or manufactured under the supervision and regulation prescribed by the Secretary of Finance, and whether mixed or manufactured with domestic merchandise or not may, under regulation prescribed by the Secretary of Finance, be exported or destroyed, or may be sent in customs territory upon the payment of such liquidated duties and determined taxes thereon. If merchandise so taken under supervision has been manipulated or manufactured, such duties and taxes shall be payable on the quantity of such foreign merchandise used in the manipulation, or manufacture of the entered article.
Approved: June 21, 1969"
|
