Amending Presidential Decree No. 350 Creating The Philippine Cotton Corporation As A Central Authority To Undertake, Implement And Supervise Cotton Production In The Philippines On A Commer
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Amending Presidential Decree No. 350 Creating The Philippine Cotton Corporation As A Central Authority To Undertake, Implement And Supervise Cotton Production In The Philippines On A Commer
Presidential Decree No. 1063
December 16, 1976
Case Overview and Summary
Summary of Presidential Decree No. 1063Amending Presidential Decree No. 350 on the Philippine Cotton Corporation
- Strengthening the Philippine Cotton Corporation (PCC) and expanding its resources to achieve self-sufficiency in cotton production (Preamble)
Provisions:
- PCC can administer funds and trust funds for the national cotton development program, including accepting donations and grants from domestic or foreign entities (Section 1)
- Removes the provision for a joint venture between the government and private sector, with a 60-40 ownership ratio (Sections 2, 3, 4)
- Revises the composition of the PCC Board of Directors to 11 members, with the government sector represented by the Secretary of Agriculture and 4 others, and the private sector represented by 2 members from the Textile Millers Association of the Philippines (TMAP) and 3 elected by stockholders (Section 5)
- PCC to be headed by a President appointed by the Board from qualified individuals in the private sector, with provisions for other executive positions (Section 6)
- PCC can approach domestic and international sources for financing through grants or loans (Section 7)
- The Philippine Textile Research Institute (PTRI) to provide a minimum grant of P500,000 annually to PCC for research and development or feasibility studies (Section 8)
- Government financial institutions, except the Central Bank, can guarantee loans and obligations incurred by PCC (Section 9)
- PCC can issue bonds, subject to approval by the President of the Philippines and guaranteed by the Republic of the Philippines (Section 9)
- Investments in PCC bonds by banking institutions deemed as agricultural credit (Section 9)
- The Republic of the Philippines guarantees the payment of PCC's obligations to government financial institutions (Section 9)
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Executive Issuances
Presidential Decrees
Philippine Cotton Corporation
cotton production
cotton development program
financing
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government guarantees
Board of Directors
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research and development
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textile industry
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Law
Amending Presidential Decree No. 350 Creating The Philippine Cotton Corporation As A Central Authority To Undertake, Implement And Supervise Cotton Production In The Philippines On A Commer
Presidential Decree No. 1063
•December 16, 1976
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1063 December 16, 1976
AMENDING PRESIDENTIAL DECREE NO. 350 CREATING THE PHILIPPINE COTTON CORPORATION AS A CENTRAL AUTHORITY TO UNDERTAKE, IMPLEMENT AND SUPERVISE COTTON PRODUCTION IN THE PHILIPPINES ON A COMMERCIAL SCALE
WHEREAS, the Philippine Cotton Corporation in its first two years of operation has shown clearly that commercial-scale cotton cultivation can successfully be undertaken in the Philippines;
WHEREAS, the attainment of self-sufficiency in essential agricultural commodities, one of which is cotton, has been defined as a priority area of concern of the Government;
WHEREAS, there is need to strengthen the Philippine Cotton Corporation and to expand its resources to enable it to effectively implement a cotton development program aimed at making the country self-sufficient in cotton within the shortest time possible;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution of the Philippines, do hereby order and decree the following:
Section 1. Number 3 of Presidential Decree No. 350 is hereby amended to...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
Philippine Cotton Corporation
cotton production
cotton development program
financing
loans
grants
bonds
government guarantees
Board of Directors
administration
management
funding
research and development
feasibility studies
textile industry
agriculture
self-sufficiency
essential commodities
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1063 December 16, 1976
AMENDING PRESIDENTIAL DECREE NO. 350 CREATING THE PHILIPPINE COTTON CORPORATION AS A CENTRAL AUTHORITY TO UNDERTAKE, IMPLEMENT AND SUPERVISE COTTON PRODUCTION IN THE PHILIPPINES ON A COMMERCIAL SCALE
WHEREAS, the Philippine Cotton Corporation in its first two years of operation has shown clearly that commercial-scale cotton cultivation can successfully be undertaken in the Philippines;
WHEREAS, the attainment of self-sufficiency in essential agricultural commodities, one of which is cotton, has been defined as a priority area of concern of the Government;
WHEREAS, there is need to strengthen the Philippine Cotton Corporation and to expand its resources to enable it to effectively implement a cotton development program aimed at making the country self-sufficient in cotton within the shortest time possible;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution of the Philippines, do hereby order and decree the following:
Section 1. Number 3 of Presidential Decree No. 350 is hereby amended to...
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