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Executive Order No. 490 (1977)
WHEREAS, in implementation of the policy of making the coconut farmers participants in, and beneficiaries of, the growth and development of the coconut industry, the Government has consistently maintained the Coconut Consumers Stabilization Fund, created and established by P.D. 276 and P.D. 414 and re-stated by P.D. 961, and the Coconut Industry Development Fund created by P.D. 582 and re-stated by P.D. 961, as the private funds of the coconut farmers to be employed and utilized for their own di
Sec. 1. All funds of the Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund shall remain as the private funds of the coconut farmers and shall, net of subsidy payments for coconut-based consumer products, be utilized exclusively for their benefit in accordance with the provisions of P.D. 961.
Sec. 2. All funds of the Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund shall, upon collection thereof, be immediately deposited, interest free, by the Philippine Coconut Authority with the bank acquired for the benefit of the coconut farmers pursuant to the provisions of P.D. 755, under such terms and conditions as will insure that said bank can service in full the credit requirements of the coconut farmers.
Sec. 3. The allocation of the collections of the Coconut Consumers Stabilization Fund levy prescribed by the Governing Board of the Philippine Coconut Authority in its Resolution No. 145-77 is hereby confirmed and shall be the basis for any disbursements therefrom by the Philippine Coconut Authority: PROVIDED, That the bank acquired for the benefit of the coconut farmers under P.D. 755 shall submit for approval of the President any and all investments it is authorized to make under the provisions of Article III, Sections 9 and 10, of P.D. 961.
Sec. 4. Within thirty (30) days after the end of each calendar year, the Philippine Coconut Authority shall submit to the President a statement showing the total collections of, and the disbursements from, the Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund, copies of which report shall be furnished to the Secretary of Finance and the Budget Commissioner.
Sec. 5. Except in respect of the Coconut Consumers Stabilization Fund and the Coconut Industry Development Fund, which shall be governed by the provisions of the laws creating the same and this Executive Order, the control, management and disposition of all other collections of the Philippine Coconut Authority shall be governed by the provisions of P.D. 1234 and the implementing rules thereof.
Sec. 6. This Executive Order shall take effect immediately.
Done in the City of Manila, this 27th day of November, in the year of Our Lord, nineteen hundred and seventy-seven.