Stakeholders and Responsibilities
- The Ministry of Trade and Industry (MTI) is tasked with regulating copper exports.
- The Central Bank of the Philippines is involved in enforcing export clearances.
- Copper mining companies are suppliers to PASAR under marketing agreements.
Clearance Requirement for Copper Exports
- All exporters of copper must obtain prior clearance from the MTI before shipping.
- MTI clearance is mandatory and serves as a gatekeeping mechanism for export shipments.
Conditions for Issuance of Clearance
- MTI clearance will only be granted if the proposed export does not negatively impact the supply and timely delivery of copper concentrates to PASAR.
- This ensures that the industrial project at PASAR is not compromised by export activities.
Role of the Central Bank
- The Central Bank must require MTI clearance as a prerequisite before issuing an export clearance.
- This coordination enforces compliance with the regulation.
Implementation and Enforcement
- MTI is authorized to establish rules and procedures necessary to effectuate these instructions.
- The Letter of Instructions is effective immediately from the date of issuance.
Legal Authority
- The directive is issued directly by the President of the Philippines, bearing the highest executive order status.
- Reflects government policy prioritizing industrial development through regulatory control of natural resource exports.