Question & AnswerQ&A (Republic Act No. 2680)
Under Republic Act No. 2680, cynomolgus monkeys and crocodile skins are authorized for export on a commodity to commodity trade basis.
The exportation is allowed for a period of two years from the date of approval of the Act.
Exportation may be made to countries with which the Philippines has diplomatic relations.
The commodities imported in exchange shall be limited to pharmaceutical raw materials, drugs, and medicines only.
Only persons, natural or juridical, authorized under subparagraph one, Section two of Republic Act Numbered 2261 may be granted a permit to trade.
The excess shipment is allowed to take care of any mortality or depreciation in value of such monkeys during shipment.
No, the permit to trade shall not be sold, transferred, disposed of, or endorsed by the grantee nor amended to authorize importation of any other commodity other than that applied for in the original application.
The exporter is required to post a bond with the Producers Incentives Board in an amount fixed by the Board to answer for any violations of the barter privileges granted under this Act.
No, the Act explicitly states it shall not impair or abridge any rights granted under the Revised Trade Agreement signed July 18, 1955, between the United States and the Philippines.
An appropriation of ten thousand pesos from the National Treasury is provided for the Board's operational expenses, and the Board can impose a fee of half of one percent on the value of exports authorized that will fund its operations.
Any excess amount collected over ten thousand pesos after reimbursements shall accrue to the National Treasury.
Sections 3, 4, 9, 10, 11, and 16 of Republic Act 2261 are made integral parts of this Act insofar as they are not inconsistent with it.
This Act took effect upon its approval on June 18, 1960.