Abolishing the National Fertilizer Corporation of the Philippines and Transferring Its Functions and Appropriations to the National Development Company

Case Overview and Summary

ABOLISHING THE NATIONAL FERTILIZER CORPORATION OF THE PHILIPPINES AND TRANSFERRING ITS FUNCTIONS AND APPROPRIATIONS TO THE NATIONAL DEVELOPMENT COMPANY

- Background:
    - Presidential Decree No. 992 created the National Fertilizer Corporation of the Philippines (NFCP) primarily for investments in ASEAN fertilizer projects. (Whereas clause)
    - Presidential Decree No. 1648 reorganized the National Development Company (NDC) and authorized it to invest in ASEAN projects. (Whereas clause)
    - The government contributed P18,544,000 to NFCP in 1979 and 1980 for investments in ASEAN Urea Projects of Indonesia and Malaysia. (Whereas clause)
    - Batas Pambansa Blg. 80 appropriated P200,000,000 for 1981 for NFCP for additional investments in the same ASEAN projects. (Whereas clause)
    - It is desirable to consolidate investments in all ASEAN projects in NDC, which is the government's investing arm for industrial development projects. (Whereas clause)

- Provisions:
    - The National Fertilizer Corporation of the Philippines created by Presidential Decree No. 992 is abolished. (Section 1)
    - All the equity contributions of the national government in NFCP are transferred to NDC as additional equity. (Section 1)
    - The appropriation of P200,000,000 for 1981 provided in Batas Pambansa Blg. 80 for NFCP is to be released to NDC as additional equity of the national government in NDC. (Section 2)
    - The Executive Order takes effect immediately. (Section 3)