Scope and Applicability
- The directive applies starting from Crop-Year 1993-1994 and onward.
- The requirement to maintain the Quedan Swapping Ledger (QSL) is mandatory for the entities involved in sugar trading and accounting.
Definition and Format of the Quedan Swapping Ledger
- The QSL is a designated record-keeping ledger specifically designed to track the swapping of quedan (sugar warehouse receipts).
- The ledger must document each instance of swapping clearly and accurately.
Submission Deadlines and Procedures
- For Crop-Year 1993-1994, the QSL must be submitted to the Office of the Assistant Administrator within fifteen (15) days from the date of the directive (February 28, 1995).
- For Crop-Year 1994-1995 and all subsequent years, submission shall be done within thirty (30) days after the end of each crop-year.
- All submitted ledgers must be certified by an authorized representative of the mill generating the data.
Certification and Accountability
- The completed QSL must bear the certification of duly authorized mill representatives to ensure accuracy and accountability.
Enforcement and Compliance
- The directive mandates strict compliance with the ledger maintenance and submission requirements.
- This measure supports transparency and auditability in sugar trading involving queda swapping.
Administrative Authority
- This circular is issued under the authority of Rodolfo A. Gamboa, Administrator, emphasizing official regulatory enforcement and oversight.