PHILCOA as Collection Agent and Trustee of the Fund.
Section 9
SEC. 9. PHILCOA as Collection Agent and Trustee of the Fund.—The PHILCOA shall collect the levy and immediately thereafter deposit the proceeds thereof in an interest-earning account with the Development Bank of the Philippines or any other government-owned or controlled banking institution to the credit of the Fund: Provided, That all deposits made by the PHILCOA to the credit of said Fund shall be transferred to the Company immediately upon its establishment: Provided, however, That the legal and administrative structure for such collection and issuance of receipts shall, within six (6) months from the approval of this Act, be completely set up by the PHILCOA in consultation with the recognized national association of coconut producers with the largest number of membership as determined by PHILCOA: Provided, also, That payments shall accrue from such time as the said structure shall function, as determined by PHILCOA. Provided, further, That three centavos (P0.03) out of every fifty-five centavos (P0.55) collected shall be set aside to be used exclusively to defray the expenses for: (a) the setting up and continued operation of the machinery for the collection and acknowledgment of payment, (b) the organization of municipal and provincial conventions of coconut planters, (c) the organization, supervision .and conduct of regional coconut conventions and a national coconut congress, and (d) the production and dissemination of information: Provided, finally, That the remaining two centavos (P0.02) shall be placed at the disposition of the recognized national association of coconut producers with the largest number of membership as determined by the Philippine Coconut Administration for the maintenance and operation of its principal office which shall be responsible for continuing liaison with the different sectors of the industry, the government and its own mass base.