REPEALING EXECUTIVE ORDER NUMBERED THREE HUNDRED SEVENTY-FOUR AND SECTION THREE OF EXECUTIVE ORDER NUMBERED FOUR HUNDRED TWENTY-SIX AND FOR OTHER PURPOSES
By virtue of the powers vested in me by section 3 of Republic Act No. 509, entitled “AN ACT DECLARING NATIONAL POLICY, AUTHORIZING THE PRESIDENT OF THE PHILIPPINES FOR A LIMITED PERIOD TO FIX CEILING PRICES OF COMMODITIES AND TO PROMULGATE RULES AND REGULATIONS REGARDING PRICES OF COMMODITIES TO EFFECTUATE SUCH POLICY, AND AUTHORIZING THE APPROPRIATION OF A CERTAIN SUM FOR THE PURPOSE,” and upon the recommendation of the Price Administration Board, I, ELPIDIO QUIRINO, President of the Philippines do hereby order:
Section 2. The ceiling prices fixed in this Order include the 17 % Special Excise Tax on Foreign Exchange, 7 % sales tax and 1% Municipal Tax, and shall be applicable throughout the Philippines.
Section 3. This Order shall take effect immediately.
Done in the City of Manila, this 9th day of June, in the year of Our Lord, nineteen hundred and fifty, and of the Independence of the Philippines, the fifth.
(Sgd.) ELPIDIO QUIRINO
President of the Philippines
By the President:
(Sgd.) MARCIANO ROQUE
Acting Executive Secretary
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