Section 3
SEC. 3. A new section, to be known as Section 3-A, is hereby inserted to read as follows: "SEC. 3-A. Coconut Consumers Stabilization Fund. — To implement paragraph (d) of Section 2 hereof, the Board is empowered to impose a levy on every first sale in accordance with the mechanics established under Republic Act No. 6260, The proceeds of the levy shall be deposited with the Philippine National Bank or any of the authorized depositories for government funds to the account of the Coconut Consumers Stabilization Fund. "The Fund may be utilized as follows: "1. To provide a subsidy for coconut-based products, depending on the prices set by the Price Control Council; "2. To refund wholly or in part any premium export duty collected. The Board shall take into account the degree of processing of the coconut product exported in refunding the premium export duty; and "3. To set aside funds for investment in processing plants, research and development, and extension services to the coconut industry."