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REPUBLIC ACT NO. 7202 - AN ACT
AUTHORIZING THE RESTITUTION OF LOSSES SUFFERED BY SUGAR PRODUCERS FROM
CROP YEAR 1974-1975 TO CROP YEAR 1984-1985 DUE TO THE ACTIONS OF
GOVERNMENT-OWNED AND CONTROLLED AGENCIES Section 1. It is hereby declared the policy of the Government to restitute the losses suffered by the sugar producers due to actions taken by government agencies in order to revive the economy in the sugar-producing areas of the country. Sec. 2. Whatever amount recovered by the Government through the Presidential Commission on Good Government or any other agency or from any other source and whatever assets or funds that may be recovered, or already recovered, which have been determined to have been stolen or illegally acquired from the sugar industry shall be used to compensate all sugar producers from Crop Year 1974-1975 up to and including Crop Year 1984-1985 on a pro rata basis. Sec. 3. The Philippine National Bank, the Republic
Planters Bank, the Development Bank of the Philippines and other
government-owned and controlled financial institutions which have
granted loans to the sugar producers shall extend to accounts of said
sugar producers incurred from Crop Year 1974-1975 up to and including
Crop Year 1984-1985 the following: Sec. 4. Accounts of sugar producers pertaining to Crop Year 1974-1975 up to and including Crop Year 1984-1985 which have been fully or partially paid, or may have been the subject of restructuring and other similar arrangements with government banks shall be covered by the provisions abovestated. The benefit of this Act shall not be extended to any sugar producer with a pending sequestration or ill-gotten wealth case before any administrative or judicial body. Any recovery shall be placed in escrow until the case has been finally resolved. Sec. 5. Accounts of sugar producers pertaining to Crop Year 1974-1975 up to and including Crop Year 1984-1985 with banks under liquidation or receivership by the Central Bank shall likewise be covered by the abovestated provisions. Sec. 6. The Central Bank of the Philippines shall provide when necessary restructuring banks with adequate refinancing under similar, if not better, terms than that provided in Sec. 3(b) hereof. Sec. 7. The Commission on Audit shall audit and certify the restructuring packages and computations of the banks affected. Sec. 8. If any provisions of this Act shall be held unconstitutional or invalid, the other provisions not otherwise affected shall remain in full force and effect. Sec. 9. Such other rules and regulations that may
be necessary for the adequate implementation of this Act should be
promulgated by the Central Bank of the Philippines within sixty (60)
days from the effectivity of this Act. Approved: February 29, 1992 |
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