426)
“Any person desiring to import any article, goods or commodities into the Philippines shall file
an application for a corresponding quota allocation and license with the Import Control
Administration. For old importers, the application shall be executed under oath and shall
contain, among others, their name, address, nationality, stock on hand of the goods applied,
the amount of their importation in the years nineteen forty-six, nineteen forty-seven and
nineteen forty-eight of the articles, goods or commodities applied for; and if a new importer,
his application shall contain a statement of his actual financial resources to finance the
importation of the goods applied for”
Import Control measures are applied to enforce health, environmental, security and
safety, and technical standards that arise from domestic laws and International
Agreements (itac.org.za.com, 2015). Thus, importation of certain commodities into the
Philippines is regulated, restricted or prohibited for reasons of public health and safety,
national security, international commitments, and development/rationalization of local
industry (Catibayan, 2019).With the implementation of this policy, enforcement and
inspections are conducted to ensure effective compliance with the conditions contained in
permits, compliance with provision of the Regulations and for detection of violation of the
Act. Moreover, Dohner (1989) states that despite the importance given to industrial and
trade policy, Philippine industrial and trade performance has been largely disappointing.
The initial period of import substitution led to rapid economic growth. However, in what
has now become a classic pattern of import substitution, growth slowed as the industries
that were created reached the limits of the domestic market and as their high dependence
on imports of capital goods and intermediates meant that the growth of the economy as a
whole was limited by recurrent balance of payments crises. The Philippines went through
an import decontrol program in the early 1960s, but with disappointing results. Economic
growth remained stagnant, particularly in the manufacturing sector, and the country failed
to develop significant new export industries. Import prices led to the adoption of price
controls for a variety of basic commodities.
The policy was a great implementation because it ensures the safety and security of
the imported products coming here in our country but as the trading continues with the
other countries, it hence forget to look that the importation has been above its average
level and ought to overthrown the products being produced in the country. When it is
above to its limitation level, then it could possibly affect the economic growth and trading
in the Philippines.
“An act prescribing incentives and guarantees to investments in the Philippines, creating a
board of investments, appropriating the necessary funds therefore and other purposes”
Trade Liberalization
“Giving the consumers of the importing country more choices, more freedom, where to buy
different goods and services at lower prices and/or at better qualities, which help improve
their personal/household welfare and work productivity”
Liberalization and free trade also give domestic producers, from farmers to
manufacturers, more choices, more freedom, to buy different capital goods and raw
materials, from hand tractors and motorcycles to machines and industrial robots at lower
prices and/or better qualities. With these, the agricultural and industrial productivity,
including their export competitiveness, is enhanced and strengthened.
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