Question & AnswerQ&A (BSP CIRCULAR NO. 1231)
The circular pertains to the importation of commodities that no longer require prior approval from the Bureau of Import Services, Department of Trade and Industry (DTI).
The Monetary Board approved the recommendation under Resolution No. 122 dated February 9, 1990.
The circular took effect immediately upon its adoption on February 27, 1990.
No, although prior approval from the Bureau of Import Services is no longer required, other clearances or permits from relevant agencies still need to be obtained according to existing laws and issuances.
Clearances or permits are still required from agencies other than the Bureau of Import Services that are indicated in existing laws, presidential decrees, letters of instruction, and similar issuances.
The list is available at the Office of the National Administrative Register (NAR), U.P. Law Complex, Diliman, Quezon City.
Jose L. Cuisia, Jr. was the Governor who signed the circular.
Resolution No. 122 approved the recommendation of the Department of Trade and Industry allowing the importation of certain commodities without the prior approval of the Bureau of Import Services.
The circular itself does not specify penalties but compliance with existing laws, PDs, LOIs, and similar issuances is implied to be mandatory.
The legal basis comes from existing laws, presidential decrees (PDs), letters of instruction (LOIs), and similar issuances which govern the issuance of permits and clearances by other agencies regarding importation.