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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 490 -
APPROVING THE CONTINUING AUTOMATIC RELEASES OF THE COCONUT CONSUMERS
STABILIZATION FUND AND THE COCONUT INDUSTRY DEVELOPMENT FUND FOR THE
BENEFIT OF THE COCONUT FARMERS
WHEREAS,
the declared policy of the State, embodied in P.D. 232 enacted on 10
June 1973 and reaffirmed by P.D. 961, is to promote the growth and
development of the coconut industry and to achieve a vertical
integration thereof so that the coconut farmers become participants in,
and beneficiaries of, such growth and development;
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 direct and immediate benefit;
WHEREAS, P.D. 1234 was enacted solely for the purpose of providing a
uniform procedure for the management and control of special and
fiduciary funds to the end that the planning and fiscal authorities of
the Government shall have full and adequate information in the
formulation and implementation of the multifarious developmental
projects of the Government; and
WHEREAS, to assure the coconut farmers that the Coconut Consumers
Stabilization Fund and the Coconut Industry Development Fund shall
remain as their private funds and shall be employed and utilized for
their direct and immediate benefit, it is imperative that the
employment and utilization of said funds be clarified in the light of
the provisions of P.D. 1234;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution and by Sec. 3 of P.D. 1234, do hereby approve and order the continuing automatic
releases to the Philippine Coconut Authority of the collections of the
Coconut Consumers Stabilization Fund and the Coconut Industry
Development Fund under the following conditions:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
Done in the City of Manila,
this 27th day of November, in the year of Our Lord, nineteen hundred
and seventy-seven.
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Since 19.07.98.