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PRESIDENTIAL DECREE NO. 2005
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PRESIDENTIAL DECREE NO. 2005 -
FURTHER AMENDING PRESIDENTIAL DECREE NO. 1971 EXTENDING THE CORPORATION
TERM OF NASUTRA TO JANUARY 31, 1986
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WHEREAS,
P.D. 1971 as amended by P.D. 1984 provided among others for the phasing
of the National Sugar Trading Corporation (NASUTRA) by December 31,
1985 and the transfer of its sugar trading functions to a private
entity to be called Philippine Sugar Marketing Corporation (PHILSUMA).
WHEREAS, NASUTRA has pending contractual commitments particularly
export shipments pertaining to the 1984-85 sugar crop which may take up
to January 1986 to ship out. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order and decree:cralaw:red
Section 1. Section 6 of P.D. 1971 as amended by Sec.
of P.D. 1984 is hereby further amended to read as follows:cralaw:red
"Sec. 6. In furtherance of the purposes and
objectives of this Decree, the Commission shall cause the phasing out
of the National Sugar Trading Corporation (NASUTRA) as soon as it
completes the export shipments of 1984-85 sugar but not later than
January 31, 1986. Further, the Commission shall cause the organization
of a private corporation to be caused by the Philippine Sugar Marketing
Corporation (PHILSUMA) as soon as possible but not later than December
31, 1985. Starting with the 1985-86 sugar crop, PHILSUMA will be the
sole marketing agency, for sugar exports and will, in addition, engage
in domestic trading sugar on a non-exclusive basis. PHILSUMA will be
offered for subscription to sugar producers (Planters and Millers) in
proportion to their actual production."
Section 2. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
DONE in the City of Manila,
this 31st day of December, in the year of Our Lord, nineteen hundred
and eighty-five.
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