Delisting of PRC from LOI No. 444 coverage

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BSP CIRCULAR LETTER: Delisting of PRC from LOI No. 444 coverage

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Title Supreme Court: Delisting of PRC from LOI No. 444 coverage

Law: Bsp Circular Letter

Decision Date: Jul 5, 1995

The Committee on Scientific and Technical Cooperation with Socialist Countries has officially delisted the People's Republic of China from the coverage of Letter of Instructions No. 444, eliminating the requirement for Philippine International Trading Corporation clearance for all imports and exports with China, effective immediately.

administrative law

executive order

A

Legal Basis and Presidential Directive

The delisting action followed a directive from the President of the Philippines under Executive Order No. 244, dated May 12, 1995.
This executive order authorized the change in the status of the PROC as it pertains to LOI No. 444 coverage.

Amendments to Import and Export Regulations

Appendices 1 (Item 15) and 5 (Item 23) of Central Bank Circular No. 1389, as amended, are consequently amended to reflect this delisting.
With this amendment, all imports from or exports to the PROC will no longer require clearance from the Philippine International Trading Corporation (PITC).

Effective Date and Implementation

The exemptions from requiring PITC clearance on trade involving the PROC are effective starting on the date specified in the SOCCOM Memorandum Circular.
The directive and amendments are official as of July 5, 1995, signified by the signature of Deputy Governor Edgardo P. Zialcita of the Bangko Sentral ng Pilipinas.

END