Sec. 1. The Commission shall have the following powers and duties:
(1) to undertake and overall review of existing documentation requirements for the exportation of goods, including rules and regulations, administrative orders, circulars, guidelines and procedures governing exports to the end that bureaucratic red tape be eliminated;
(2) to review the procedural and documentation requirements of all government agencies which have functions connected with the export of products to pinpoint cause of delays and to find ways and means to eliminate such causes of delay;
(3) to revise, amend, introduce innovations, consolidate and simplify all rules and regulations, administrative orders, circulars, guidelines and procedures to expedite exports and to dispense with excessive documentation and inspection requirements under such safeguards as the Commission may deem proper and sufficient;
(4) to pass upon any proposed export document requirements by any government agency before its implementation and to disapprove or suspend the same if it will unduly delay exportation; and
(5) to promulgate its own rules of review and such regulations to implement its powers and duties.