QuestionsQuestions (Republic Act No. 1601)
The main purpose of Republic Act No. 1601 is to amend certain provisions of Republic Act No. 1345 which created the National Marketing Corporation (NAMARCO), specifically to update the powers, appropriations, and administrative provisions pertaining to the Corporation.
NAMARCO is authorized to establish and operate distribution offices and agencies and/or contract with wholesale businesses throughout the Philippines for the purchase and distribution of essential commodities, provided that distribution is done through Filipinos only.
The Board of Directors may appropriate a sum not exceeding one million pesos annually from the authorized capital, and a standing annual appropriation may be made from the National Treasury to reimburse actual overhead expenses.
No, the additional sum of five hundred thousand pesos appropriated for operating expenses may not be used to increase the salaries of NAMARCO employees.
Priority and preference should be given to former employees of NAMARCO or PRISCO who have been laid off, provided they are civil service eligibles.
The unexpended balance automatically reverts to the revolving fund, and any net earnings of NAMARCO also accrue to the revolving fund.
The Board of Directors appoints and fixes the compensation of the Assistant General Manager, subject to the approval of the President of the Philippines.
The Board, with the approval of the President of the Philippines, may suspend and/or remove the Assistant General Manager for cause by a majority vote.
The General Manager is appointed by the President of the Philippines with the consent of the Commission on Appointments.
The compensation of the General Manager is fixed at twenty thousand pesos per annum.