REPUBLIC ACT No. 1490
An Act Declaring Shortages in Certain Construction Materials and Authorizing the President of the Philippines to Reduce Tariff Rates for Such Construction Materials
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. In view of the shortage of the materials hereinafter specified, the President of the Philippines, upon prior investigation by and recommendation of the National Economic Council, which shall conduct public hearings to determine the acuteness of the shortage demanding the reduction considering public interest, is hereby authorized to reduce the present rates of tariff duty provided under existing law by not more than the corresponding percentage as follows:
| "1. Cement |
70% |
| 2. Steel, reinforcing and structural |
75% |
| 3. Asphalt |
100% |
| 4. G.I. sheets and building hardwares |
75% |
| 5. Pipes and plumbing materials |
75% |
| 6. Electric wires |
75% |
Section 2. The authority herein granted and the rates as reduced by the President under the authority of this Act shall terminate upon the enactment of a new tariff law.
Section 3. This Act shall take effect upon its approval.
Approved: June 16, 1956.
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