Approving the Continuing Automatic Releases of the Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund for the Benefit of the Coconut Farmers

Case Overview and Summary

Summary of Executive Order No. 490

Objective: To approve the continuing automatic releases of the Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund for the benefit of coconut farmers.

- Declares the Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund as private funds of coconut farmers to be used for their direct and immediate benefit. (Section 1)
- Requires the Philippine Coconut Authority to immediately deposit the funds, interest-free, in the bank acquired for the benefit of coconut farmers under P.D. 755, to ensure the bank can service the credit requirements of coconut farmers. (Section 2)
- Confirms the allocation of the Coconut Consumers Stabilization Fund levy prescribed by the Philippine Coconut Authority's Resolution No. 145-77 as the basis for disbursements. (Section 3)
- Requires the bank acquired under P.D. 755 to submit investments for the President's approval as authorized by P.D. 961. (Section 3)
- Requires the Philippine Coconut Authority to submit an annual report to the President, Secretary of Finance, and Budget Commissioner, showing the total collections and disbursements from the two funds within thirty (30) days after the end of each calendar year. (Section 4)
- Specifies that the control, management, and disposition of other collections of the Philippine Coconut Authority shall be governed by P.D. 1234 and its implementing rules, except for the two funds covered by this Executive Order. (Section 5)
- Declares the immediate effectivity of the Executive Order. (Section 6)