Question & AnswerQ&A (Republic Act No. 3065)
The primary purpose of Republic Act No. 3065 is to amend Republic Act No. 1345, which created the National Marketing Corporation (NAMARCO), particularly to revise the provisions related to the appropriation of operating expenses and employment preferences.
The Board of Directors may appropriate operating expenses out of NAMARCO's gross earnings for each fiscal year, but such expenses shall not exceed three million pesos and must be approved by the President of the Philippines.
No, the Board of Directors is prohibited from appropriating any amount for operating expenses out of its authorized capital.
Priority and preference should be given to former employees of NAMARCO or the Price Stabilization Corporation (PKISCO) who have been laid off, provided that these former employees are civil service eligibles.
The unexpended balance of the appropriation for overhead expenses automatically reverts to the revolving fund of NAMARCO.
Any net earnings of NAMARCO accrue to the revolving fund.
Republic Act No. 3065 took effect on January 1, 1962.
Republic Act No. 3065 further amended Republic Act No. 1345 as previously amended by Republic Acts No. 1601, 1791, and 2254.
The President of the Philippines has the final approval authority over the Board's appropriation of operating expenses.
Giving employment preference to civil service eligibles among former employees ensures merit-based hiring and compliance with civil service rules, promoting fairness and competence in government-related corporations.