QuestionsQuestions (EXECUTIVE ORDER NO. 471)
It revises Appendix A of Republic Act No. 650 and bans the importation of certain commodities listed in Annex B and Annex C, while also providing the procedure for importing goods under ECA (Economic Cooperation Administration) procurement authorizations.
Appendix A of Republic Act No. 650 is revised as per Annex A attached to EO 471.
The importation of any items listed in Annex B is banned effective immediately.
For items listed in Annex C, the ban takes effect on July 1, 1952.
Annex A sets the revised version of Appendix A of RA 650; Annex B lists items banned immediately; Annex C lists items banned effective July 1, 1952.
Goods to be imported under ECA Procurement Authorizations shall not be licensed by the Import Control Commission.
The applicant must apply to any Authorized Agent of the Central Bank of the Philippines for the necessary letters of credit.
The Authorized Agent applies in turn to the Central Bank of the Philippines for the covering Procurement Sub-Authorizations.
No. EO 471 expressly states that such goods shall not be licensed by the Import Control Commission.
The applicant applies to its Authorized Agent for letters of credit, and the Authorized Agent then applies to the Central Bank for covering Procurement Sub-Authorizations.
The Import Control Commission recommended EO 471 to the President.
Annex B items are banned effective immediately; Annex C items are banned starting July 1, 1952.
It means the ban on Annex B items begins right away upon issuance/effectivity of the order, without waiting for a later date.
EO 471 carves out a specific process for ECA-authorized goods: no licensing by the Import Control Commission; instead, letters of credit through the Central Bank system and Procurement Sub-Authorizations.
EO 471 was signed by President Elpidio Quirino and countersigned by Marciano Roque, Acting Assistant Executive Secretary.
It was done in the City of Manila on August 24, 1951.