QuestionsQuestions (EXECUTIVE ORDER NO. 285)
Republic Act No. 3524 is the law “to prohibit barter in international trade, provide penalties for violation thereof, repeal RA No. 2261, and for other purposes.” Its core purpose is to prohibit barter in international trade in the Philippines until a specified monetary condition is met.
RA 3524 expressly repeals Republic Act No. 2261, entitled “An Act to promote economic development by giving incentives to marginal and sub-marginal industries.”
Barter in international trade is prohibited “until full convertibility of the total foreign exchange earnings at the free market rates shall have been adopted by the Central Bank.”
It requires “full convertibility of the total foreign exchange earnings at the free market rates,” adopted by the Central Bank.
The Secretary of Commerce and Industry must create a staff from personnel of the Department of Commerce and Industry to supervise liquidation and termination of unliquidated and subsisting contracts, barter permits, and/or transactions.
Parties are given time to liquidate or finalize their transactions up to December 31, 1963.
Within one week from effectivity, the Department of Commerce and Industry must prepare and publish a list at least once in all leading newspapers of general circulation in the Philippines.
After such publication, “no amendment, alteration or modification may be made on said list.”
If retireable, they shall be retired upon compliance with retirement laws, rules, and regulations. If not, they are entitled to commutation of the money value of vacation and sick leaves and to a gratuity paid in one lump sum.
The gratuity equals one month’s salary for every year of continuous, satisfactory service, based on the last salary received, but not exceeding twelve months in the aggregate.
They are entitled to a gratuity equivalent to one month’s salary.
Section 4 authorizes and appropriates Php 150,000 for immediate payment of retirement gratuity under RA 396, gratuity for those not retireable under RA 396, and commutation of vacation and sick leaves.
Any sum remaining is forwarded to the national treasury to form part of the general fund.
Yes. Officials, employees, and laborers separated by virtue of the Act are given first priority in filling new positions that may be created in the Department of Commerce and Industry for the fiscal year 1963–1964.
Yes. If subsequently reinstated in government service or a GOCC, they must refund to the national government the value of the unexpired portion of vacation and/or sick leave (if any) and the value of the gratuity which they would not have received had it been paid in monthly installments.
A fine of not less than Php 200 nor more than Php 5,000 and imprisonment of not less than two months nor more than five years.
Yes. The same penalty is imposed on persons who commit acts intended to defeat the purposes of the Act.
For public officers, the maximum penalty is imposed. For aliens, the penalty includes the fine and immediate deportation without further proceedings by the deportation board. For corporations/partnerships/associations, the president, managing director, or manager is held liable.
The articles imported are subject to seizure and confiscation by the Commissioner of Customs following the procedure in the Revised Administrative Code.