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Vs
EASTERN SEA TRADING, respondent.
EXECUTIVE AGREEMENTS
FACTS
Respondent Eastern Sea Trading (EST) was the consignee of shipments of
onion and garlic, which arrived at the Port of Manila from August 25 to
September 7, 1954.
Since none of the shipments had the certificates required by the Central
Bank for release thereof the goods were seized and subjected to forfeiture
proceedings for violations of Sec. 1363(f) of the Revised Administrative
Code and Central Bank Circulars Nos. 44 and 45.
The Collector of Customs of Manila (Collector) rendered a decision
declaring said goods forfeited to the Government.
Court of Tax Appeals: reversed the Collector’s decision
o Central Bank has no authority to regulate transactions involving
foreign exchange
o Shipments in question are in the nature of “no-dollar” imports
o Central Bank Circulars Nos. 44 and 45 are null and void
o Seizure can’t be justified under Executive Order No. 328
Our Trades and Financial Agreements is of dubious validity
No governmental agency is authorized to issue the import
license required by EO 328.
ISSUE/S:
WoN the Central Bank had authority to regulate “no-dollar” imports:
YES
o Authority to regulate no-dollar imports and the validity of the
Central Bank Circulars have already been passed upon and
repeatedly upheld by the SC.
o Broad powers of the Central Bank to maintain our monetary
stability and preserve the international value of our currency
Sec. 2 and 14, RA 265: authorizing the bank to issue such
rules and regulations as it may consider necessary to the
Central Bank
^connotes the authority to regulate no-dollar imports,
owing to the effect the same may and do upon the stability
of our currency.