Amendment to PD No. 350 on Philippine Cotton Corp

Amendment of Presidential Decree No. 350 to include:
- Administration of funds, including trust funds, provided by the government or any institution/entity (public/private, local/foreign) related to the National Cotton Development Program.
- Authority to accept and administer donations and grants from governments and private entities (local or foreign), consistent with the cotton development objectives or as deemed appropriate by the Corporation's Board.

Deletion of provision requiring the Philippine Cotton Corporation to be a joint venture with a 60-40 ownership ratio between the government and private sector.
Elimination of the private sector representation specifically by textile millers using cotton as raw material.

Deletion of clauses related to authorized capital stock and paid-up capital:
- Original initial authorized capital stock of P100 million.
- Specific subscription and payment amounts by government and private investors.
Removal of provisions mandating initial contributions and maintenance of ownership ratios.
Elimination of the requirement that government contributions be paid from the Philippine Textiles Research Institute funds and private contributions be made through Textile Millers Association.

Board to be composed of eleven members:
- Six members from the government sector, including the Secretary of Agriculture, the Director of the Philippine Textile Research Institute (PTRI), and four others appointed from the government service.
- Five members from the private sector:
  - Two members from the textile industry including the President of the Textile Millers Association of the Philippines (TMAP) and another nominated by TMAP.
  - Three other members elected by stockholders.
Election of the Chairman and Vice-Chairman of the Board by its members instead of automatic appointment.

The Corporation shall be headed by a President appointed by the Board, coming from the private sector.
Board authorized to create positions of Executive Vice-President, General Manager, and other vice-presidential roles as necessary.
Board determines compensation and allowances for these officers.

Philippine Cotton Corporation may seek financing from domestic and international sources, including multilateral and bilateral grants or loans.
The Philippine Textile Research Institute will provide an annual grant of at least P500,000 to support research and development or feasibility studies.
PTRI authorized to invest the Special Textile Research Fund in profitable financial instruments.

Government-owned or controlled financial institutions (except Central Bank) may guarantee any acceptance credits, loans, transactions, undertakings, or obligations incurred by the Corporation.
Corporation authorized to issue bonds in Philippine or convertible foreign currency, upon resolution of the Board and approval by the President of the Philippines upon Secretary of Finance's recommendation.
The Republic of the Philippines guarantees payment of principal and interest on bonds.
Investment in these bonds by banking institutions shall be considered agricultural credit under existing agricultural credit laws.
The Republic guarantees all obligations of the Corporation incurred with government-owned or controlled financial institutions and will pay in case of default.

All inconsistent laws, orders, or provisions are repealed or modified accordingly.
The Decree takes effect immediately upon issuance.