Sec. 1. In addition to the export duties, herein referred to as basic rate, levied under Section 514, Title III, Book I of R.A. No. 1937, as amended by P.D. No. 230, there shall be levied assessed and collected a premium duty on the difference between the current price as established by the Bureau of Customs and the base price of the products as established in Section II hereof in accordance with the following schedule:
Export Products Premium Duty
WOOD PRODUCTS
(1) Logs, including poles 30%
(2) Lumber 20%
(3) Veneer, face and core 20%
(4) Plywood 20%
MINERAL PRODUCTS
(1) Metallic ores and concentrates
(a) Copper 30%
(b) Iron 20%
(c) Chromite 20%
(2) Non-metallic
(a) Clinker, cement 20%
(b) Portland cement 20%
PLANT AND VEGETABLE PRODUCTS
(1) Coconut
(a) Copra 30%
(b) Desiccated coconut 20%
(c) Copra meal or cake 20%
(d) Coconut oil 20%
(2) Sugar and sugar products
(a) Centrifugal sugar 20%
(b) Molasses 20%
Should the current price of any export product be below the established base price, then only the basic rate prescribed under P.D. No. 230 shall be applied.