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PRESIDENTIAL DECREE NO. 1398
PRESIDENTIAL DECREE NO. 1398 -
AMENDING Section FIVE OF PRESIDENTIAL DECREE NUMBERED NINE HUNDRED
SIXTY ONE
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WHEREAS,
Presidential Decree No. 961 was issued to promote the development of
the coconut and other palm oil industry and to ensure that the coconut
farmers become direct participants in, and beneficiaries of, such
development;chanroblesvirtualawlibrary
WHEREAS, there is a need to restructure the provisions of Section 5,
Article III thereof to ensure that the funds levied for the industry
are judiciously used and adequately safeguarded.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree the following:cralaw:red
Section 1. Section 5, Article III, of Presidential
Decree No. 961 is hereby amended to read as follows:cralaw:red
"Sec. 5. Exemptions. — The Coconut Consumers
Stabilization Fund and the Coconut Industry Development Fund, as well
as all disbursements as herein authorized, shall not be construed or
interpreted, under any law or regulation, as special and/or fiduciary
funds, or as part of the general funds of the national government
within the contemplation of PD 711; nor as a subsidy; donation, levy,
government funded investment, or government share within the
contemplation of PD 898, the intention being that said Fund and the
disbursements thereof as herein authorized for the benefit of the
coconut farmers shall be owned by them in their private capacities:
Provided, however, that the President may at any time authorize the
Commission on Audit or any other officer of the government to audit the
business affairs, administration, and condition of persons and entities
who receive subsidy for coconut-based consumer products as provided in
sub-paragraph (a), Section 2, Article III hereof and those required to
pay the Coconut Consumers Stabilization Fund levy as provided in
Section 1, Article III hereof." chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 2nd day of June, in the year of Our Lord, nineteen hundred and
seventy-eight.
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