Relief Consignment and Flexible Tariff

In the interest of the general welfare and national security, and, subject to the limitations prescribed under this Act, the President, upon the recommendation of the NEDA, is hereby empowered to the following, except;

• Establish import quotas or ban imports of any commodity

• Increase, reduce, or remove existing rates of import duty

• Increase rate of import duty up to 200%

• Impose an additional duty on all imports not exceeding ten percent (10%) ad valorem

It refers to the act of providing interventions to alleviate, ease and/or mitigate a distressed and/or critical situation affecting persons, families, groups or communities.

• Relief

• Relief Consignment

• Donation

• Donated Relief Consignment

The power delegated to the President under Sec. 1608 of CMTA shall be exercised only when -

• Congress is in session

• In state of calamity

• Congress is not in session

• Martial law is declared

This government agency is tasked to promulgate rules and regulations necessary to carry out Sec. 1608 of CMTA.

• National Economic and Development Authority

• Department of Finance

• Bureau of Customs

• Tariff Commission

It refers to importations of goods or items not subject to duties and taxes such as but not limited to food and medicine donated to government institutions and accredited private entities for free distribution to the affected population.

• Relief

• Relief Consignment

• Donation

• Donated Relief Consignment

For the purpose of expanding foreign markets for Philippine products as a means of assisting in the economic development of the country, in overcoming domestic unemployment, in increasing the purchasing power of the Philippine peso, and in establishing and maintaining better relations between the Philippines and other countries, the President

• May loan from world bank for additional sum of money to finance the government

• May impose additional tax but not exceeding ten (10%) of the imposed tax

• May enter into trade agreements with foreign governments or instrumentalities

• May declare a state of calamity

When the President of the Philippines enter into an agreement with foreign country, such agreement may give rise to reduce indebtedness of any foreign country to the Philippines.

• TRUE

• FALSE

It refers to an act of liberality whereby a person or organization disposes gratuitously of a thing or right in favor of another who accepts it.

• Relief

• Relief Consignment

• Donation

• Donated Relief Consignment

Before any trade agreement is concluded with any foreign government or instrumentality thereof, reasonable __________________ of the intention to negotiate an agreement with such government or instrumentality shall be given in order that interested persons may have an opportunity to present their views to the Commission.

• public notice

• memorandum agreement

• memorandum order

• notice of execution

A form of restriction imposed by the government on trade of a particular commodity by imposing restriction on either fixed in terms of value or quantity of the product which can be imported during a given period of time usually for one year usually been imposed by the government to provide benefits to local producers.

• Import Duty

• Import Quota

• Tariff Quota

• Tariff Barrier