Approving The Credit Policy For The Coconut Industry As Recommended By The Philippine Coconut Authority And Providing Funds Therefor
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Approving The Credit Policy For The Coconut Industry As Recommended By The Philippine Coconut Authority And Providing Funds Therefor
Presidential Decree No. 755
July 29, 1975
Case Overview and Summary
Summary of Presidential Decree No. 755Declaration of National Policy (Section 1):
- The State's policy is to provide readily available credit facilities to coconut farmers at preferential rates.
- This policy will be realized by implementing the "Agreement for the Acquisition of a Commercial Bank for the benefit of the Coconut Farmers" executed by the Philippine Coconut Authority (PCA).
- The PCA is authorized to distribute, for free, the shares of stock of the acquired bank to coconut farmers under its rules and regulations.
Financial Assistance (Section 2):
- The PCA is directed to use the collections under the Coconut Consumers' Stabilization Fund (authorized by Presidential Decree No. 232, as amended) to pay for the coconut farmers' financial commitments under the agreement.
- Except for the PCA's approved budgetary requirements, all collections under the Coconut Consumers' Stabilization Fund Levy and 50% of the collections under the Coconut Industry Development Fund shall be deposited, interest-free, with the coconut farmers' bank.
- These deposits shall not be withdrawn until the bank's Board of Directors and the PCA's Governing Board jointly ascertain that the bank has sufficient equity capital to service the credit requirements of coconut farmers in full.
- The PCA's collections and levies, such as the Coconut Consumers' Stabilization Levy and the Coconut Industry Development Fund (prescribed by Presidential Decree No. 582), shall not be considered special or fiduciary funds and do not form part of the general funds of the national government under Presidential Decree No. 711.
Exemptions (Section 3):
- To minimize costs in the acquisition and control of the Bank by coconut farmers, the delivery and receipt of the Bank's shares pursuant to the Agreement are declared exempt from taxation, notwithstanding the provisions of the National Internal Revenue Code and other laws.
Repealing Clause (Section 4):
- Any provision of law in conflict with this Decree is revoked or amended accordingly.
Effectivity (Section 5):
- This Decree shall take effect immediately.
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Executive Issuances
Presidential Decrees
coconut farmers
credit facilities
preferential rates
Philippine Coconut Authority (PCA)
commercial bank acquisition
share distribution
Coconut Consumers' Stabilization Fund
Coconut Industry Development Fund
interest-free deposits
equity capital
credit requirements
tax exemption
National Internal Revenue Code
repealing clause
effectivity
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Approving The Credit Policy For The Coconut Industry As Recommended By The Philippine Coconut Authority And Providing Funds Therefor
Presidential Decree No. 755
•July 29, 1975
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 755 July 29, 1975
APPROVING THE CREDIT POLICY FOR THE COCONUT INDUSTRY AS RECOMMENDED BY THE PHILIPPINE COCONUT AUTHORITY AND PROVIDING FUNDS THEREFOR
WHEREAS, the coconut farmers are perennially beset with credit problems which hinder the growth and development of the coconut industry;
WHEREAS, under Presidential Decree No. 232, as amended, the Philippine Coconut Authority (PCA) is enjoined to formulate and recommend for adoption credit policies affecting production, marketing and processing of coconut and other palm oils;
WHEREAS, in compliance with its prescribed duty, the Philippine Coconut Authority has ascertained, in response to the appeal of coconut farmers conveyed in a resolution of the Board of Directors of the Philippine Coconut Producers Federation dated May 17, 1975, that ownership by the coconut farmers of a commercial bank is a permanent solution to their perennial credit problems;
WHEREAS, an operating commercial bank owned by the coconut farmers will accelerate the growth and development of the coconut industry and achieve a vertical integration thereof so that coconut farmers...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
coconut farmers
credit facilities
preferential rates
Philippine Coconut Authority (PCA)
commercial bank acquisition
share distribution
Coconut Consumers' Stabilization Fund
Coconut Industry Development Fund
interest-free deposits
equity capital
credit requirements
tax exemption
National Internal Revenue Code
repealing clause
effectivity
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 755 July 29, 1975
APPROVING THE CREDIT POLICY FOR THE COCONUT INDUSTRY AS RECOMMENDED BY THE PHILIPPINE COCONUT AUTHORITY AND PROVIDING FUNDS THEREFOR
WHEREAS, the coconut farmers are perennially beset with credit problems which hinder the growth and development of the coconut industry;
WHEREAS, under Presidential Decree No. 232, as amended, the Philippine Coconut Authority (PCA) is enjoined to formulate and recommend for adoption credit policies affecting production, marketing and processing of coconut and other palm oils;
WHEREAS, in compliance with its prescribed duty, the Philippine Coconut Authority has ascertained, in response to the appeal of coconut farmers conveyed in a resolution of the Board of Directors of the Philippine Coconut Producers Federation dated May 17, 1975, that ownership by the coconut farmers of a commercial bank is a permanent solution to their perennial credit problems;
WHEREAS, an operating commercial bank owned by the coconut farmers will accelerate the growth and development of the coconut industry and achieve a vertical integration thereof so that coconut farmers...
Login to see full content