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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. 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: Section 1. Section 6 of P.D. 1971 as amended by Sec. of P.D. 1984 is hereby further amended to read as follows: "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. 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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