Establishing A Coconut Consumers Stabilization Fund

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 276 August 20, 1973

ESTABLISHING A COCONUT CONSUMERS STABILIZATION FUND

WHEREAS, an escalating crisis brought about by an abnormal situation in the world market for fats and oils has resulted in supply and price dislocations in the domestic market for coconut-based consumer goods, and has created hardships for consumers thereof;

WHEREAS, the representatives of the coconut industry, considering their social and moral responsibilities in this respect have proposed the implementation of an industry-financed stabilization scheme which will permit socialized pricing of coconut-based commodities;

WHEREAS, it is the policy of the State to promote the welfare and economic well-being of the consuming public;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines and pursuant to Proclamation No. 1081, dated September 21, 1972 and General Order No. 1, date September 22, 1972, as amended, do hereby decree that:

1. In addition to its...

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Establishing a Coconut Consumers Stabilization Fund

- Authorizes the Philippine Coconut Authority to implement a stabilization scheme for coconut-based consumer goods. (Section 1)

- Imposes a levy of P15.00 per 100 kilograms of copra resecada or equivalent, effective August 10, 1973. (Section 1(a))
- Proceeds from the levy to be deposited in the Coconut Consumers Stabilization Fund, a separate trust fund. (Section 1(a))

- Fund to be utilized to subsidize the sale of coconut-based products at prices set by the Price Control Council. (Section 1(b))
- Creates the Coconut Consumers Stabilization Committee to promulgate rules and regulations for the Fund's utilization. (Section 1(b))

- Powers and functions of the Coconut Consumers Stabilization Committee: (Section 1(c))
    1. Determine the base price of raw materials for setting the subsidy.
    2. Review and revise the levy amount, with automatic suspension when copra price equals base price.
    3. Establish a monitoring system for steady supply and distribution of subsidized products.
    4. Order the payment of the subsidy.
    5. Establish a Secretariat and provide for its operating expenses.
    6. Call on government agencies for assistance.
    7. Perform other duties and functions in furtherance of the Decree.

- Collection of the levy and existence of the Committee to terminate after one year or earlier if the crisis no longer exists, with remaining balance reverting to the Coconut Investment Fund. (Section 2)

- Penalties for violations: fine of P2,500 to P10,000, cancellation of licenses, or both. (Section 3)

- Repeals or amends inconsistent laws, orders, rules, and regulations. (Section 4)

- Severability clause. (Section 5)

- Immediate effectivity. (Section 6)