National Agribusiness Corporation (1)

May 18, 1995 FIRB RESOLUTION NO. 024-95 SUBJECT : National Agribusiness Corporation (1) BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to approve the application for subsidy availment of the National Agribusiness Corporation, in the amount of P48 . 555 million only , representing the duties due on its milk importation for the year 1995, to be distributed to dairy cooperatives which shall in turn make a written assurance and/or commitment to implement NABCOR's program to promote milk production and/or consumption, relative to the dairy development program of the Department of Agriculture, as implemented by the NABCOR: Provided , That the NABCOR shall provide the FIRB the details of the foregoing distribution, including, among others, the name and location of the recipient-dairy cooperatives, the quantity of milk distributed thereto, programs adopted by the recipient-dairy cooperatives to promote milk production and/or consumption, etc.: Provided , further , That the NABCOR shall conduct an annual survey/evaluation of the milk production and/or consumption programs of the recipient-dairy cooperatives the result of which shall be used as basis for further enhancement of the benefits derivable by recipient-dairy cooperatives from the tax subsidy on milk importations and submit, within the first quarter of the year immediately following the year of such survey/evaluation, a report thereon to the FIRB for its own consideration: Provided , furthermore , That the availment of the tax subsidy herein granted shall be in accordance with the terms and conditions of Section 12 of the 1995 General Appropriations Act, subject to the availability of funds therefor, pursuant to the terms and conditions of the Rules and Regulations to Implement the Subsidy Provision Under Executive Order No. 93. (SGD.) JUANITA D. AMATONG Undersecretary of Finance Presiding Officer FIRB References : FIRB Technical Committee Meeting dated May 3, 1995 FIRB Meeting dated May 17, 1995