SECTION 1. Name, Duration and Domicile.-A semi-public corporation is hereby created which shall be known as the "Philippine Sugar Institute," hereinafter called the "PHILSUGIN," which shall be organized within sixty days after the approval of this Act. It shall exist for a term of fifty years from the date of the approval of this Act and shall have its main office in the City of Manila, and such branches and agencies within or outside the Philippines, as may be necessary for the proper conduct of its business. This Corporation shall be under supervision of the Administrator of Economic Coordination.
SEC. 2. Purposes and Objectives.-The PHILSUGIN shall have the following purposes and objectives:
To conduct research work for the sugar industry in all its phases, either agricultural or industrial, for the purpose of introducing into the sugar industry such practices or processes that will reduce the cost of production, increase and improve the industrialization of the byproducts of sugar cane, and achieve greater efficiency in the industry;
To improve existing methods of raising sugar cane and of sugar manufacturing;
To insure a permanent, sufficient and balanced production of sugar and its by-products for local consumption and exportation;
To establish and maintain such balanced relation between production and consumption of sugar and its by products, and such marketing conditions therefor, as will insure stabilized prices at a level sufficient to cover the cost of production plus a reasonable profit;
To promote the effective merchandising of sugar and its by-products in the domestic and foreign markets so that those engaged in the sugar industry will be placed on a basis of economic security; and
To improve the living and economic conditions of laborers engaged in the sugar industry by the gradual and effective correction of the inequalities existing in the industry.
