Question & AnswerQ&A (Republic Act No. 1791)
The main purpose of NAMARCO is to procure and buy commodities for distribution at reasonable prices to Filipino retailers and businessmen to promote their greater participation in the distribution system of the national economy.
Suppliers must mark all NAMARCO goods with the name 'NAMARCO' to prevent confusion with similar goods imported by private parties.
The section heading was amended to 'SEC. 6. Capitalization, Revolving Fund and dollar quota allocation.'
The Board of Directors may appropriate operating expenses not exceeding two million pesos per fiscal year, subject to the approval of the President of the Philippines.
No, the Board of Directors shall not appropriate any amount for operating expenses out of NAMARCO's authorized capital.
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 Central Bank is authorized to make available to NAMARCO a yearly foreign exchange allocation of at least twenty million dollars ($20,000,000).
At least five million dollars ($5,000,000) of the allocation must be used for purchasing essential and/or highly essential consumer goods as classified by the Central Bank.
NAMARCO shall not import a locally produced, processed, or manufactured commodity if it finds there is a sufficient supply of that commodity at reasonable prices.
They face imprisonment from two months to six years, fines from two hundred pesos to six thousand pesos, or both; perpetual disqualification from being a distributor or retailer; and if an alien, deportation upon final conviction.
The president, managing director, or manager of the corporation, partnership, or association shall be held criminally liable.