TITLE.
Section 1
SECTION 1. TITLE.—This Decree shall be referred to as the "FARM SYSTEMS DEVELOPMENT CORPORATION DECREE".
PD 681 CHAPTER I
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POLICY PURPOSE.
Section 2
SEC. 2. POLICY PURPOSE.—The commitment of the farmers to participate in the efforts to improve farming, processing and marketing methods is vital in the process of increasing food production and hastening rural development. It is hereby declared to be the policy of the State to pursue and foster in an orderly and expeditious manner, the attainment of this objective. For this purpose, the FSDC shall promote the organization and assist all irrigation associations and other farm-based related entities which are willing to pursue diligently the above purpose. To become effectively established and operationally stable, the irrigation association, and other farm-related entities shall be given every tenable support and assistance by the national government, its instrumentalities and agencies to the fullest extent of which they are capable. Being by their nature substantially self-regulating and Congress having by the enactment of this Decree, they should be subject to minimal regulations by other administrative agencies in all phases of their organization and operation requiring and justifying regulation, in order to further encourage and promote their development.
DEFINITIONS.
Section 3
SEC. 3. DEFINITIONS.—As used in this Decree, the following words or terms shall have the following meaning, unless a different meaning clearly appears from the context: a) "FSDC" shall mean the Farm Systems Development Corporation, "Board of Administrators" shall mean the Board of Administrators and "Administrator" shall mean the Administrator, all as provided for in this Decree. b) "Corporation" shall mean the FSDC. c) "NIA" shall mean the National Irrigation Administration, "NEA" shall mean the National Electrification Administration, "DAP" shall mean the Development Academy of the Philippines, "NPC" shall mean the National Power Corporation, and "NGA" shall mean the National Grains Authority. d) "Association" shall mean a corporation organized or existing under Act No. 1459, or a corporation thereafter organized, that manages, runs and provide water for irrigation purposes, and other concomitant services. e) "Person" shall mean any natural person, firm, association, corporation, business trust, partnership, the National Government, or any political subdivision, agency or instrumentality thereof. f) "Service" shall mean irrigation service including the providing of any auxiliary or related service. g) "Area" shall mean: (1) the geographic area covered or serviced by an irrigation association, or (2) any lesser geographic area for the furnishing of irrigation service for which an association, person, or any entity pursuant to this Decree, borrows, or may apply to borrow, funds from FSDC, or may secure loans with the approval of the FSDC, to finance the acquisition or construction and operation, maintenance of irrigation and farm-related facilities. h) "Interest rate per centum per annum" shall mean an interest rate that is accrued solely upon the unpaid balance of any principal loan which has actually been advanced to a borrower and upon any interest payment which has become due or been paid by the borrowers, computed on an annual basis. i) "Loan" shall mean a loan, the total principal amount of which, as when required for application to the purpose thereof, is at the time of the making thereof, assured from funds that are or will become available therefor. j) "Congress" shall mean the President during his exercise of Martial Law, or the National Assembly under the new Constitution, whichever is the case at any given time. k) "President" shall mean the President of the Philippines during the existence of Martial Law, or the Prime Minister when the National Assembly comes into existence.
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Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).