FURTHER AMENDING P.D. 1971 EXTENDING THE CORPORATION TERM OF NASUTRA TO JANUARY 31, 1986.

• Number: Presidential Decree No. 2005
• Sections: 3

Preamble

WHEREAS, P.D. 1971 as amended by P.D. 1984 provided

among others for the phasing out 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 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

SEC. 2. This Decree shall take effect immediately.

DONE in the City of Manila, this 3lst day of December, in the year of Our

Lord, nineteen hundred and eighty-five.

(Sgd.) FERDINAND E. MARCOS

President of the

Philippines

By the President:

(Sgd.) JUAN C. TUVERA

Presidential Executive

Assistant