National Sugar Refineries Corporation (1)

July 25, 1995 FIRB RESOLUTION NO. 035-95 SUBJECT : National Sugar Refineries Corporation (1) BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to approve the application for subsidy availment of the National Sugar Refineries Corporation, in the amount of P186 . 88 million only , representing the duties due on its importation of 38,000 metric tons of raw sugar for the year 1995, to be sold to major sugar producers/planters groups/associations: Provided , That the NSRC shall provide the FIRB the details of the foregoing sale, including, among others, the name and location of the recipient-sugar producers/planters groups/associations, the quantity of sugar sold thereto and the prices corresponding therefor, the levels of margins appertaining thereto: Provided , further , That the NSRC shall submit to the FIRB on a quarterly basis, a report on the amount of transfers made in favor of the Competitiveness Enhancement Fund, pursuant to the terms and conditions of Memorandum Order No. 245, including as well the particulars of the disposition thereof in favor of the sugar sector: 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.) MA. CECILIA G. SORIANO Undersecretary of Finance Presiding Officer FIRB Reference : FIRB Technical Committee Meeting dated June 28, 1995 FIRB Meetings dated July 5, 1995, July 19, 1995 and July 25, 1995