Presidential Decree No. 414 (PD 414) — Further Amending Presidential Decree No. 232, as Amended
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;
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;
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;
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;
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; and
WHEREAS, it is indispensable that the management of funds
derived from the coconut industry be unified and systematized to
adequately cope with both short-term crises and long-term
industrialization, research, production expansion, extension services
and similar programs;
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 desired changes and objectives:
SECTION 1. Section 2 of Presidential Decree No. 232, as
amended, is hereby amended by inserting a new paragraph to read as
follows:
"d. To formulate and implement a price stabilization scheme
for coconut products and coconut-based consumer goods."
SEC. 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:
"j. Determine the base price of the raw materials, on which
to set the subsidy;
"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;
"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;
"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;
"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
purposes and objectives for which it is organized."
SEC. 3. A new section, to be known as Section 3-A, is
hereby inserted to read as follows:
"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 Republic Act No. 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:
"1. To provide a subsidy for coconut-based products, depending
on the prices set by the Price Control Council;
"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
"3. To set aside funds for investment in processing plants, research and
development, and extension services to the coconut industry."
SEC. 4. Section 4 of Presidential Decree No. 232, as
amended, is hereby amended by inserting the following paragraph:
"One representative each from the Department of Finance and the
Board of Investments."
Repealing Clause.
SEC. 5. Repealing Clause. — All laws, executive and
administrative orders, rules and regulations inconsistent with the
foregoing provisions are hereby repealed or amended accordingly.
SEC. 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.
(Sgd.) FERDINAND E.
MARCOS
President
Republic of the Philippines
By the President:
(Sgd.) ALEJANDRO
MELCHOR
Executive Secretary
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
