Preamble
WHEREAS, a Coconut Consumers Stabilization Fund was established because of the abnormal situation in the world market for fats and oils and is now administered by a Coconut Consumers Stabilization Committee created pursuant to Presidential Decree No. 276; WHEREAS, the creation of a Committee to administer the Fund was at that time necessary because the Philippine Coconut Authority was not yet as then formally organized; WHEREAS, the viability, development programs and exigencies of the coconut and other palm oil industry, require the integration and assimilation of all facets of the program in the Philippine Coconut Authority to avoid proliferation of agencies and overlapping of functions, as originally envisioned when Presidential Decree No. 232 was proclaimed; WHEREAS, there is a need to maintain domestic prices of coconut-based consumer products at reasonable levels without eliminating the benefits of high export earnings and unduly reducing farmers' incomes; and to redirect inflationary excess profits into developmental investments by directly capitalizing industrial enterprises for and in behalf of the mass producers; WHEREAS, the premium duty imposed on coconut products is a form of price stabilization and that the present levy is sufficient to absorb both the price subsidy and the premium duty on coconut products to a certain extent; and WHEREAS, it is indispensable that the management of funds derived from the coconut industry be unified and systematized to adequately cope with both short-term crises and long-term industrialization, research, production expansion, extension services and similar programs; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby further amend Presidential Decree No. 232 in order to effect the desired changes and objectives: