Purposes and objectives.
Section 2
SEC. 2. Purposes and objectives.—The PHILCOA shall have the following purposes and objectives: To ensure the steady and orderly development of the coconut industry, and to stabilize and strengthen its position in the world markets; To promote the effective merchandising of copra, coconut oil, coconut products and by-products in the domestic and foreign markets so that those who are engaged in the coconut industry will be placed on a basis of economic security: Provided, however, That the PHILCOA may not engage in trading in any form without the prior approval of the President of the Philippines, which approval may be given only after prior recommendation of the National Economic Council; To improve the tenancy relations between coconut proprietors and tenants and the living conditions of laborers engaged in the coconut industry; To encourage the invention of useful machinery that will hasten the development of the coconut industry.