Financing of Development Projects for the Benefit of the Coconut Farmers.
Section 2
SEC. 2. Financing of Development Projects for the Benefit of the Coconut Farmers.—To insure the continuance and the viability of the different developmental projects for the benefit of the coconut farmers that are being financed from out of the collections of the CCSF levy as identified and prescribed by Presidential Decree No. 1468, Article III, Section 2, the exporters of coconut products shall pay, as part of their cost of operations, such amount as may be necessary or required to assure the adequate and continuous financing of such developmental projects including the cost and expenses incurred in effecting the rationalization of the oil milling industry as prescribed by Letter of Instructions No. 926, the provisions of which are herein incorporated as parts of this Act. The amount required to finance the said developmental projects shall be determined and prescribed by a Committee of Developmental Projects (CDP) composed of one representative each nominated and designated by the Philippine Coconut Authority (PCA), the Philippine Coconut Producers Federation (COCOFED), the Coconut Industry Development Fund, and the Coconut Industry Investment Fund. The amount determined and prescribed by the Committee of Developmental Projects shall be allocated proportionately among the different exporters of coconut products on the basis of their respective export tonnage by a Committee of Exporters (CE) composed of one representative each nominated and designated by the Philippine Coconut Oil Producers Association, Inc. (PCOPA); The Philippine Copra Exporters Association, Inc. (PCEA); the Association of Philippine Coconut Dessicators (APCD); the cooperative endeavor contemplated by Letter of Instructions No. 926; the bank acquired for the benefit of the coconut farmers under P.D. No. 775; and the Philippine Coconut Authority. The members of the Committee shall elect a Chairman from among themselves.