EXECUTIVE ORDER NO. 423

: The specific articles affected are oil-cake and other residues (except dregs) resulting from the extraction of vegetable oils, including soya bean meal, rape-seed meal, sunflower meal, cotton seed meal, peanut meal, and safflower seed meal.
: The new import duty rate for these specified meals is ad valorem 10%.
: The import duty rate for other oil-cake and residues not specifically listed is ad valorem 100%.
: The rates take effect thirty (30) days after the issuance of the Executive Order, specifically on articles entered or withdrawn from warehouse in the Philippines for consumption.
: The National Economic and Development Authority (NEDA) recommended the modification of the import duty rates.
: President Ferdinand E. Marcos signed and enacted the changes, as indicated in the Executive Order.
: Any unwarranted increase in the prices of local products benefited by these tariff changes may be sufficient ground for the revocation of such tariff changes.
: Tariff Heading No. 23.04 classifies the articles (oil-cake and residues from vegetable oils) that are subject to the modified import duty rates under this Executive Order.