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PRESIDENTIAL DECREE NO. 435
PRESIDENTIAL DECREE NO. 435
- EXPANDING THE GUARANTEE COVERAGE OF THE AGRICULTURAL GUARANTEE FUND
CREATED UNDER R.A. NO. 6390, AS AMENDED AND APPROPRIATING ADDITIONAL
FUNDS THEREFOR
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WHEREAS, it
is the concern of the Government to emancipate the tillers of the soil
from their bondage of tenancy and to encourage them to raise their
level of production and to attain self-sufficiency immediately; chanroblesvirtualawlibrary
WHEREAS, self-sufficiency requires the employment of modern farm
implements and facilities as well as the promotion of essential
agricultural and cottage agro-industrial projects such as fishing,
poultry, livestock woodcraft, etc.
WHEREAS, the guarantee prescribed by the Agricultural Guarantee Fund
created under R.A. No. 6390, covers only losses from production loans
granted to farmer-tillers.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
order and decree the following:cralaw:red
Section 1. The guarantee coverage of the Agricultural
Guarantee Fund may, subject to the rules and regulations which may be
promulgated by the Agricultural Guarantee Fund Board created under R.A.
No. 6390, include the guarantee on medium or long-term loans granted to
farmer-tillers to finance the following: chanroblesvirtualawlibrary
a. Purchase of farm machineries and equipment;chanroblesvirtualawlibrary
b. Establishment of farm support facilities;chanroblesvirtualawlibrary
c. Fisheries Development;chanroblesvirtualawlibrary
d. Small-Scale Livestock Farm Development;chanroblesvirtualawlibrary
e. Cottage Agro-Industrial; and
f. Other agricultural projects closely related to
agrarian reform.
Section 2. The sum of FORTY MILLION PESOS is hereby
appropriated to the Agricultural Guarantee Fund out of which TEN
MILLION PESOS shall be programmed for Fiscal Year 1974-75 and the
balance shall be programmed in like amounts annually thereafter for
three (3) years. The amount herein appropriated together with its
earnings shall be used solely to absorb guaranteed losses; Provided,
however, that amounts not immediately needed for the payment of
guaranteed losses shall be invested in high grade securities,
preferably Government or Government guaranteed securities.
Section 3. The Agricultural Guarantee Fund Board
shall promulgate the rules and regulations necessary for the
implementation of this Decree.
Section 4. All laws, decrees, rules and regulations
which are inconsistent herewith are hereby amended and modified
accordingly.
Section 5. This Decree shall take effect immediately.
Done in the City of Manila,
this 8th day of April, in the year of Our Lord, nineteen hundred and
Seventy-four.
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