EXECUTIVE ORDER NO. 368

: The production of polyester fiber by Filipinas Synthetic Fiber Corporation as a preferred pioneer industry is specifically covered under the Executive Order.
: The basis is the recommendation of the Board of Investments and the provisions of Section 8(c) of Republic Act No. 5186 (Investment Incentives Act), supported by studies showing the need to protect the project against competing imported synthetic fibers.
: The post-operative tariff protection is provided in the form of increased customs duties on polyester fibers.
: The ad valorem rate of duty on polyester filament yarn, except when imported under specific prior joint authorization, is 50%.
: Polyester staple fibers are subject to a 30% ad valorem rate of duty, except when imported directly by textile spinning mills under prior joint authorization.
: The increased tariff rates may be modified in accordance with Section 401 of the Tariff and Customs Code based on a review by the Tariff Commission of the tariff structure and domestic textile industry.
: The prescribed rates of import duties apply after the expiration of thirty (30) days from issuance of the Executive Order.
: An unwarranted increase in prices constitutes grounds for modification of the tariff rates, and the Board of Investments will represent to the Tariff Commission for appropriate action.