MALACAÑAN PALACE
MANILABY THE PRESIDENT OF THE PHILIPPINES
EXECUTIVE ORDER No. 180
PROVIDING THE ADMINISTRATIVE GUIDELINES FOR THE RECONVEYANCE AND UTILIZATION OF COCO LEVY ASSETS FOR THE BENEFIT OF THE COCONUT FARMERS AND THE DEVELOPMENT OF THE COCONUT INDUSTRY, AND FOR OTHER PURPOSES
WHEREAS, Presidential Decree (PD) No. 755 mandated the acquisition of a commercial bank for the benefit of the coconut farmers (now the United Coconut Planters Bank, "UCPB") through the use of the Coconut Consumers Stabilization Fund (CCSF) and the distribution, for free, of the shares of stocks in UCPB to coconut farmers;
WHEREAS, pursuant to Section 9 of PD No. 1468, the Philippine Coconut Authority (PCA) was mandated to ascertain the amount of collections out of the CCSF and/or the Coconut Industry Development Fund (CIDF) which may be treated as surplus, and subsequently this ascertained surplus came to be known as the Coconut Industry Investment Fund (CIIF);
WHEREAS, UCPB was authorized under PD No. 1468 to utilize the CIIF in making investments in the form of shares of stocks in...
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