Amending Section Five Of Presidential Decree Numbered Nine Hundred Sixty One.
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Amending Section Five Of Presidential Decree Numbered Nine Hundred Sixty One.
Presidential Decree No. 1398
June 2, 1978
Case Overview and Summary
Summary of Presidential Decree No. 1398Amends Section 5 of Presidential Decree No. 961 regarding the Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund:
- Clarifies that the Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund, as well as all disbursements authorized under Presidential Decree No. 961, shall not be construed or interpreted as:
• Special and/or fiduciary funds (Section 5)
• Part of the general funds of the national government within the contemplation of Presidential Decree No. 711 (Section 5)
• A subsidy, donation, levy, government-funded investment, or government share within the contemplation of Presidential Decree No. 898 (Section 5)
- Specifies that the intention is for the said Fund and disbursements to be owned by the coconut farmers in their private capacities for their benefit (Section 5)
- Grants the President the authority to authorize the Commission on Audit or any other government officer to audit the business affairs, administration, and condition of:
• Persons and entities who receive subsidy for coconut-based consumer products as provided in sub-paragraph (a), Section 2, Article III of Presidential Decree No. 961 (Section 5)
• Those required to pay the Coconut Consumers Stabilization Fund levy as provided in Section 1, Article III of Presidential Decree No. 961 (Section 5)
- Declares that the Decree shall take effect immediately (Section 2)
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Executive Issuances
Presidential Decrees
Coconut Consumers Stabilization Fund
Coconut Industry Development Fund
Presidential Decree No. 961
Presidential Decree No. 711
Presidential Decree No. 898
Coconut farmers
Subsidy
Donation
Levy
Government-funded investment
Government share
Commission on Audit
Coconut-based consumer products
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Amending Section Five Of Presidential Decree Numbered Nine Hundred Sixty One.
Presidential Decree No. 1398
•June 2, 1978
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1398
AMENDING SECTION FIVE OF PRESIDENTIAL DECREE NUMBERED NINE HUNDRED SIXTY ONE.
WHEREAS, Presidential Decree No. 961 was issued to promote the development of the coconut and other palm oil industry and to ensure that the coconut farmers become direct participants in, and beneficiaries of, such development;
WHEREAS, there is a need to restructure the provisions of Section 5, Article III thereof to ensure that the funds levied for the industry are judiciously used and adequately safeguarded;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree the following:
Section 1. Section 5, Article III, of Presidential Decree No. 961 is hereby amended to read as follows:
"Sec. 5. Exemptions. The Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund, as well as all disbursements as herein authorized, shall not be construed or interpreted, under any law or regulation, as special and/or fiduciary funds, or as part of the...
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