Conditions on Import-Export Exchange
- Commodities allowed to be imported in exchange for exported monkeys or crocodile skins are limited strictly to pharmaceutical raw materials, drugs, and medicines.
- Exporters may ship an excess of 15-20% over the authorized number of monkeys to cover mortality or depreciation in value during trading.
Permit Requirements and Restrictions
- Exportation under this Act requires a commodity trade permit issued by the Producers Incentives Board.
- Permits are non-transferable, non-assignable, and cannot be amended to allow importation of other commodities beyond the original application.
- The permit serves as government-authorized documentation for export and subsequent import as specified.
Integration with Existing Laws
- Sections 3, 4, 9, 10, 11, and 16 of Republic Act No. 2261 are incorporated into this Act, insofar as they are not inconsistent.
Protection of United States Rights
- The Act explicitly preserves any rights granted to U.S. citizens or juridical entities under the Revised Trade Agreement of July 18, 1955.
Financial and Administrative Provisions
- A lump sum of ₱10,000 is appropriated from the National Treasury for the Producers Incentives Board’s operational expenses.
- The Board may impose a fee of 0.5% of the value of the export authorized under the commodity trade permits.
- Fees collected are used for the Board’s expenses; excess amounts after reimbursing the Treasury go back to the National Treasury.
Effectivity
- The Act takes effect immediately upon approval.