Law Summary
Expansion of the Philippine Coconut Authority’s Objectives
- Insertion of a new mandate empowering PCA to formulate and implement price stabilization schemes for coconut products and their derivatives.
Enhanced Powers and Responsibilities of the Board
- Deletion of the previous paragraph (j) and inclusion of new provision empowering the Board to:
- Determine base raw material prices to establish subsidies.
- Review and revise levy amounts with automatic suspension of levy collection when copra prices meet authorized base price.
- Establish a monitoring system for adequate supply and social pricing of subsidized products.
- Issue subpoenas for effective monitoring and investigation of compliance.
- Recommend to the President the lifting, suspension, or termination of fund collections and refund of premium duties since February 17, 1974.
- Enter contracts and exercise all powers necessary to achieve its objectives.
Creation and Utilization of the Coconut Consumers Stabilization Fund
- Empowerment of the Board to impose levies on every first sale of coconut products per mechanics under Republic Act No. 6260.
- Levy proceeds to be deposited in authorized government depositories for the Coconut Consumers Stabilization Fund.
- Fund utilization includes:
- Subsidizing coconut-based products based on Price Control Council prices.
- Refunding premium export duties fully or partially, considering processing levels of exported coconut products.
- Setting aside investments for processing plants, research and development, and extension services within the coconut industry.
Expansion of Committee Representation
- Inclusion of one representative each from the Department of Finance and the Board of Investments to the administering committee.
Effect on Existing Laws and Regulations
- All conflicting laws, executive and administrative orders, and rules and regulations are repealed or amended accordingly to align with this Decree.
Effective Date
- The decree takes immediate effect upon promulgation on April 18, 1974.