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PRESIDENTIAL DECREE NO. 414
PRESIDENTIAL DECREE NO. 414 -
FURTHER AMENDING PRESIDENTIAL DECREE NO. 232 AS AMENDED
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WHEREAS, a
Coconut Consumers Stabilization Fund was established because of the
abnormal situation in the world market for fats and oils and is now
administered by a Coconut Consumers Stabilization Committee created
pursuant to Presidential Decree No. 276;chanroblesvirtualawlibrary
WHEREAS, the creation of a Committee to administer the Fund was at that
time necessary because the Philippine Coconut Authority was not yet as
then formally organized;chanroblesvirtualawlibrary
WHEREAS, the viability, development programs and exigencies of the
coconut and other palm oil industry, require the integration and
assimilation of all facets of the program in the Philippine Coconut
Authority to avoid proliferation of agencies and overlapping of
functions, as originally envisioned when Presidential Decree No. 232
was proclaimed;chanroblesvirtualawlibrary
WHEREAS, there is a need to maintain domestic prices of coconut-based
consumer products at reasonable levels without eliminating the benefits
of high export earnings and unduly reducing farmers' incomes; and to
redirect inflationary excess profits into developmental investments by
directly capitalizing industrial enterprises for and in behalf of the
mass producers;chanroblesvirtualawlibrary
WHEREAS, the premium duty imposed on coconut products is a form of
price stabilization and that the present levy is sufficient to absorb
both the price subsidy and the premium duty on coconut products to a
certain extent; chanroblesvirtualawlibrary
WHEREAS, it is indispensable that the management of funds derived from
the coconut industry be unified and systematize to adequately cope with
both short-term crises and long-term industrialization, research,
production expansion, extension services and similar programs;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
further amend Presidential Decree No. 232 in order to effect the desire
changes and objectives: chanroblesvirtualawlibrary
Section 1. Section 2 of Presidential Decree No. 232
as amended is hereby amended by inserting a new paragraph to read as
follows:cralaw:red
"d) To formulate and implement a price stabilization
scheme for coconut products and coconut-based consumer goods."
Section 2. Section 3 of Presidential Decree No. 232
as amended is hereby amended by deleting paragraph (j) and inserting in
lieu thereof the following new paragraphs:cralaw:red
"j. Determine the base price of the raw materials, on
which to set the subsidy;chanroblesvirtualawlibrary
"k. Review and revise when necessary the amount of
the levy imposed; Provided, that when the price of copra equals the
authorized base price, the collection of the levy shall be suspended
automatically;chanroblesvirtualawlibrary
"l. Establish a monitoring system to ascertain that a
steady and adequate supply of the subsidized products is distributed at
socialized prices; and to issue subpoena and subpoena duces tecum
whenever required for effective monitoring and investigation as to
compliance with its promulgations. chanroblesvirtualawlibrary
"m. To recommend to the President of the Philippines
the lifting, suspension or termination of the collection of the Fund,
and the refund of such amounts of premium duty paid from February 17,
1974;chanroblesvirtualawlibrary
"n. To enter into, make and execute contracts of any
kind as may be necessary or incidental to the attainment of its
purposes and, generally, to exercise all the powers necessary to
achieve the purpose and objectives for which it is organized."
Section 3. A new section, to be known as Sec. 3-A, is
hereby inserted to read as follows:cralaw:red
"Sec. 3-A. Coconut Consumers Stabilization Fund. — To
implement paragraph (d) of Section 2 hereof, the Board is empowered to
impose a levy on every first sale in accordance with the mechanics
established under R.A. 6260. The proceeds of the levy shall be
deposited with the Philippine National Bank or any of the authorized
depositories for government funds to the account of the Coconut
Consumers Stabilization Fund.
"The Fund may be utilized as follows:cralaw:red
"1. To provide a subsidy for coconut-based products,
depending on the prices set by the Price Control Council;chanroblesvirtualawlibrary
"2. To refund wholly or in part any premium export
duty collected. The Board shall take into account the degree of
processing of the coconut product exported in refunding the premium
export duty; and chanroblesvirtualawlibrary
"3. To set aside funds for investment in processing
plants, research and development, and extension services to the coconut
industry."
Section 4. Section 4 of Presidential Decree No. 232,
as amended, is hereby amended by inserting the following paragraph:cralaw:red
"One representative each from the Department of Finance and the Board
of Investments"
Section 5. Repealing Clause. — All laws, executive
and administrative orders, rules and regulations inconsistent with the
foregoing provisions are hereby repealed or amended accordingly.
Section 6. This Decree shall take effect immediately.
Done in the City of Manila,
this 18th day of April, in the year of Our Lord, nineteen hundred and
seventy-four.
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