Section 4
SECTION 4. A new Section 11 is hereby inserted in Article III of Presidential Decree No. 1486 to read as follows: “SECTION 11. Financing of other Socio-Economic and Developmental Projects. — The members of the coconut industry, particularly the commercial and industrial sectors thereof may, if they so desire, establish a system of financing the socio-economic and/or developmental projects for the coconut industry in addition to Section 1 hereof under such terms and conditions as they may freely negotiate and agree upon which are hereby declared to constitute an onerous contract enforceable according to its terms. Upon certification by the bank acquired for the benefit of the coconut farmers under PD 755 that the incorporated cooperative endeavor and the participating mills prescribed by LOI 926 are participating in such a financing system, the contributions to that financing system are hereby declared, notwithstanding any general or special law or regulation to the contrary, to be ordinary and carrying on the respective businesses of the contributors relating to the coconut industry, deductible in full as an express for income tax purposes.”