Authorize NFA to Stabilize Sugar Prices

Ask AI

EXECUTIVE ORDER NO. 293: Authorize NFA to Stabilize Sugar Prices

What do you want to know about the law?
Ask AI quickly gives answers based only on the current context to avoid mistakes. Always verify with the original text.

New Chat Started

Ask AI

Title Source: Supreme Court: Authorize NFA to Stabilize Sugar Prices

Law: Executive Order No. 293

Decision Date: Mar 1, 2004

Gloria Macapagal-Arroyo authorizes the National Food Authority to intervene in stabilizing sugar prices by procuring raw sugar and utilizing corporate funds, effective immediately until June 30, 2004.

Funding Mechanism for NFA's Intervention

NFA is authorized to utilize its corporate funds, manpower, and facilities.
NFA may also use credit lines and unremitted income accruing to the Agricultural Competitiveness Enhancement Fund (ACEF).
ACEF funds come from incentives related to Minimum Access Volume importation of sugar.
NFA is exempted from paying advance Value Added Tax (VAT) on sugar refining activities.

Nature and Accounting of Funds

All disbursements including administrative and operational expenses are treated as Special Projects Accounts.
Such disbursements are subject to standard accounting and auditing rules and regulations.

Implementation Guidelines

NFA, in consultation with the Department of Agriculture, is tasked to issue guidelines for implementation.
Guidelines should cover pricing mechanisms, marketing and distribution strategies, and monitoring systems.

Effectivity and Validity

The Executive Order takes effect immediately upon issuance.
Validity of the Order extends until June 30, 2004.

END