LETTER OF INSTRUCTIONS No. 1387

: The main purpose is to regulate and monitor copper export shipments to ensure a sufficient and continuous supply of copper concentrates to the Philippine Associated Smelting and Refining Corporation (PASAR), as a critical project for the country's industrial development.
: All copper exporters must obtain prior clearance from the Ministry of Trade and Industry (MTI) before making any copper export shipments.
: MTI shall give clearance only when the proposed export shipment does not adversely affect the supply and delivery of copper concentrates to PASAR.
: The Central Bank is required to secure the MTI clearance as a condition before issuing an export clearance to copper concentrate exporters.
: The copper mining companies supplying concentrates to PASAR and the exporters of copper concentrates are directly affected by this order.
: The MTI shall issue rules and regulations necessary to implement the instructions in the LOI.
: The LOI took effect immediately upon issuance on February 21, 1984.
: PASAR is identified as a major industrial project necessary for establishing a sound foundation for the country's industrial development.
: The Central Bank will not issue an export clearance to the exporter, effectively preventing them from legally exporting copper concentrates.