QuestionsQuestions (BSP CIRCULAR LETTER)
The SOCCOM Memorandum Circular signifies the formal delisting of the People's Republic of China from the countries covered by Letter of Instructions No. 444, thereby amending trade restrictions imposed on import and export activities involving the PROC.
Executive Order No. 244 directs the delisting of the People's Republic of China from the coverage of LOI No. 444, which affects the regulation of imports and exports between the Philippines and the PROC.
Letter of Instruction No. 444 dated August 9, 1976, is affected by the delisting of the People's Republic of China as it removes the PROC from its coverage.
All imports from or exports to the People's Republic of China shall no longer require Philippine International Trading Corporation (PITC) clearance, simplifying trade transactions.
The PITC acted as a regulatory body that required clearance for all imports from or exports to countries covered by LOI No. 444, including the People's Republic of China before its delisting.
Appendices 1 (Item 15) and 5 (Item 23) of CB Circular No. 1389, as amended, were revised to reflect the removal of the People's Republic of China from the coverage.
The delisting became effective on the date specified in the SOCCOM Memorandum Circular, which the Circular Letter references but does not specify the exact date.
The BSP Circular Letter was signed by Edgardo P. Zialcita, Deputy Governor of the Banko Sentral ng Pilipinas.
SOCCOM has the authority to list or delist countries from the coverage of trade directives such as LOI No. 444, and their Memorandum Circular formalized the delisting of the People's Republic of China.