Abolition of the Rice and Corn Administration.
Section 26
SEC. 26. Abolition of the Rice and Corn Administration. — The Rice and Corn Administration is hereby considered abolished three months from the date of approval of this Act to allow the RCA to wind up its operations: Provided, That its properties, assets, records and . unexpended appropriations are transferred to the Administration, including the stocks of imported rice and corn already in the country and such other stocks thereof as may arrive as a result of current importation, which shall be disposed of by the Administration in accordance with the supply and price stabilization policy of the Council: Provided, further, That all advances made by financial institutions in relation to such importations made in 1971 and 1972 shall be satisfied from the proceeds of the sale. No official or employee of the Rice and Corn Administration shall be appointed to any position in the Administration unless he shall have been properly screened and cleared by a Selection Board which shall be formed by the Administrator and shall be composed of five members, two members to be designated by the Administrator, one member by the Office of the President, and two members representing the Employees Associations of the Rice and Com Administration who do not possess any of the disqualifications for absorption in the Administration listed in this paragraph: Provided, That the Selection Board shall screen the said officials and employees at a date not later than one month following the appointment of the Administrator: And provided, further, That the following persons shall not be absorbed by the Administration: (a) Those who have pending administrative or criminal cases filed against them; (b) Those who have previous records of gross inefficiency and incompetence; (c) Those who are deemed by the Screening Board to be morally unfit to be appointed to positions requiring persons of good moral character; and (d) Those who may be considered in excess of the personnel required in the staffing pattern of the Administration. Permanent officials and employees of the Rice and Corn Administration who cannot be absorbed by the Administration, or who cannot transfer or be transferred to other agencies, or who prefer to retire, if qualified for retirement, or to be laid off, shall be given gratuity equivalent to one month salary for every year of service but in no case more than twenty-four months salary, in addition to all other benefits to which they are entitled under existing laws and regulations. For this purpose, there is hereby appropriated the sum of fifteen million pesos or so much thereof as "may be necessary, out of the funds of the National Treasury not otherwise appropriated. The outstanding obligations of the Rice and Corn Administration, except as hereinabove indicated for the importations of 1971 and 1972, bearing the guarantee of the National Government shall be settled by the National Government. For this purpose, the President of the Philippines, upon the recommendation of the Secretary of Finance, is hereby authorized to issue treasury bonds, notes or securities, in such amounts as may be necessary for the settlement of the said obligations. The Secretary of Finance, in consultation with the Monetary Board and the Financial Fiscal Policy Committee created under Executive Order Numbered 97, dated October 26, 1967, as amended, shall prescribe the rules and regulations that shall govern the issuance of such bonds, notes or securities, including the form, the rate of interest, the denominations, maturities, negotiability, convertibility, call and redemption features, and all other terms and conditions and issuance, placement, sale, servicing and payment of all bonds, notes or securities issued under the authority of this Act. The said bonds, notes and securities to be issued under this Act shall he tax exempt and such fact shall be stated on their face and shall be exempt from attachment, execution or seizure. There is hereby appropriated, out of the funds of the National Treasury not otherwise appropriated, such sum or sums as may from year to year be necessary to amortize the payment ot the bonds, notes or securities issued under this Act. All appropriations for this purpose shall accrue to a special bond sinking fund, which is hereby created, to be managed by the Central Bank of the Philippines under rules and regulations that it may promulgate for the purpose,