ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Home > Chan Robles Virtual Law Library > Philippine Laws, Statutes & Codes > :
Search for
www.chanrobles.com
:
EXECUTIVE ORDERS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
EXECUTIVE ORDER NO. 114 -
AUTHORIZING THE RELEASE OF P487 MILLION TO THE SUGAR REGULATORY
ADMINISTRATION TO LIQUIDATE UNPAID NATIONAL SUGAR TRADING CORPORATION
OBLIGATIONS TO SUGAR PRODUCERS FOR THE CROP YEAR 1981-1985 AND FOR
OTHER PURPOSES
WHEREAS,
it is the policy of the State to rationalize the sugar industry and
protect its growth and development which is a major component of the
socio-economic and political structure of the country;
WHEREAS, under Executive Order No. 18, the Sugar Regulatory
Administration was created to carry out such policy of the State, and
absorb the functions and jurisdiction of the Philippine Sugar
Commission which has been abolished;
WHEREAS, the then Philippine Sugar Commission issued Circular Letter
No. EC-1-185 classifying all sugar produced from March 4, 1985 to the
end of the 1984-1985 crop million season as domestic sugar, and
requiring that all such produced sugar turned over to the National
Sugar Trading Corporation, a wholly-owned subsidiary of the Philippine
Sugar Commission under Presidential Decree No. 1192, at a liquidation
price of P300.00 per picul;
WHEREAS, upon assumption of the Sugar Regulatory Administration of its
mandated functions and after the sale of sugar stocks found in the
National Sugar Trading Corporation warehouse, the proceeds of which
were paid pro-rata to producers-claimants, there remained an unpaid
principal obligation of approximately P487 million due to these
producers-claimants;
WHEREAS, because of the non-payment of these unliquidated obligations,
the accounts of producers-claimants with financing banks in connection
with the 1981-1985 crop loans are now in arrears, in view of which they
cannot obtain additional loans to enable them to continue producing
sugar this year and in the future;
WHEREAS, it is in the national interest that the 1984-1985 crop and
operational loan accounts be settled to maintain the viability of
participating credit institutions, restore the credit institutions,
restore the credit standing of the affected sugar producers, and, in
line with the government’s drive to alleviate the living conditions of
large but proper segments of our people in the sugar-producing regions
who are dependent on the sugar industry for their daily
existence.
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
Sec. 7.
DONE in the City Manila, this
24th day of December, in the year of Our Lord, nineteen hundred and
eighty-six.
Back to Main
chan robles virtual law library
Since 19.07.98.