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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1465 -
AUTHORIZING THE FERTILIZER AND PESTICIDE AUTHORITY TO IMPORT FERTILIZER
REQUIREMENTS OF THE PHILIPPINES AND OTHER MEASURES TO MAINTAIN THE
DISTRIBUTION OF FERTILIZER IN THE PRIVATE SECTOR. |
Minister of Finance
Minister of the Budget
Central Bank Governor
National Treasurer
WHEREAS, the Government wants to be assured of fertilizer supply and distribution using private sector companies and cooperatives;
WHEREAS, the Government has supported the acquisition of the Esso fertilizer plant by the fertilizer users which created the Planters Foundation, Inc. for the purpose of owning shares of Planters Products, Inc.;
WHEREAS, the Fertilizer and Pesticide Authority in pursuit of this mandate has been designated to implement such measures as agreed by creditor-banks of Planters Products, Inc. and the Republic of the Philippines;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order and instruct:
1.
The Fertilizer and Pesticide Authority shall import all fertilizer
requirements and other agricultural inputs in the event that the
private sector is unable to import fertilizers and other agricultural
inputs on a timely basis. The importations shall be financed out of the
Agricultural Inputs Loan obtained from the World Bank and/or Asian
Development Bank (ADB) or any other foreign financing institution. FPA
shall also exercise all other functions and activities such as
obtaining credit facilities necessary for the prompt importation of
fertilizer and other inputs.
2. The
Minister of the Budget shall immediately release out of the Special
Activities Fund the amount of P1.3 Million to cover operational and
contingent expenditures that may be incurred in the implementation of
the activities cited herein.
3. The
Administrator of the Fertilizer and Pesticide Authority to include in
its fertilizer pricing formula a capital contribution component of not
less than P10.00 per bag. This capital contribution shall be collected
until adequate capital is raised to make PPI viable. Such capital
contribution component shall be applied by FPA to all domestic sales of
fertilizer in the Philippines.
4. The
Planters Foundation Capital Fund shall be created and administered by
the Fertilizer and Pesticide Authority out of proceeds obtained from
the capital contributions, which shall be deposited in the special
trust account designated in the notice dated April 2, 1985, addressed
by Counsel for the Creditors to Planters Foundation. Disbursements
shall adhere to the agreements made by the Government with
creditor-banks of Planters Products, Inc.
5. All
concerned instrumentalities of government shall assist FPA to
effectively implement this Letter of Instruction.
Done in the City of Manila, this 3rd day of June in the Year of Our Lord, nineteen hundred and eighty-five.
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Since 19.07.98.
