Republic Act No. 3524

Explanation: This section repeals Republic Act No. 2261, which aimed to promote economic development through incentives for marginal and sub-marginal industries.
Key Definitions:
- Republic Act No. 2261: Former law promoting economic development.
Important Requirements: The repeal takes effect immediately upon the enactment of this Act.

Explanation: Barter in international trade is prohibited until the Central Bank adopts full convertibility of total foreign exchange earnings at free market rates.
Important Requirements:
- Barter transactions must cease immediately upon the effectivity of this Act.
Relevant Timeframes: No specific timeframes are provided for the implementation of this prohibition beyond the requirement for full convertibility.

Explanation: This section mandates the Secretary of Commerce and Industry to oversee the termination of unliquidated contracts and transactions under the repealed law.
Key Definitions:
- Barter Permits: Authorizations for conducting barter transactions that existed under the previous law.
Important Requirements:
- A staff will be created to supervise the liquidation.
- Parties involved in existing contracts will have until December 31, 1963, to finalize their transactions.
- A published list of affected contracts and permits will be made available in leading newspapers within one week of the Act's effectivity.
Relevant Timeframes:
- Deadline for transaction finalization: December 31, 1963.

Explanation: This section provides for the retirement and benefits of employees affected by the repeal of the Producers Incentives Board.
Key Definitions:
- Gratuity: A payment equivalent to one month's salary for each year of service, capped at twelve months.
Important Requirements:
- Employees entitled to retire will do so in accordance with existing laws.
- Non-retired employees will receive commutation of vacation and sick leave and gratuity.
- A budget of ₱150,000 is allocated for these payments.
- Priority in filling new positions in the Department of Commerce and Industry will be given to affected employees.
Relevant Timeframes:
- No specific deadlines provided for the filling of new positions.

Explanation: This section outlines the penalties for violating the provisions of the Act.
Penalties:
- Fines ranging from ₱200 to ₱5,000.
- Imprisonment of 2 months to 5 years.
- Maximum penalties apply to public officers and specific conditions for aliens (immediate deportation).
- Corporate officers (presidents, managing directors) will be held liable for violations.
- Imported articles in violation are subject to seizure and confiscation by the Commissioner of Customs.

Explanation: This section repeals or modifies any prior inconsistent laws or regulations.
Important Requirements:
- All inconsistent acts, executive orders, and regulations are repealed or modified accordingly.

Republic Act No. 3524 prohibits barter in international trade until full foreign exchange convertibility is achieved.
It repeals the previous law promoting economic incentives for marginal industries.
Affected contracts must be liquidated by the end of 1963, with a structured approach for employee compensation.
Violators face significant penalties, including fines, imprisonment, and potential deportations for aliens.
The Act takes effect immediately upon approval, ensuring swift implementation of its provisions.