Fertilizer and Pesticide Authority (2)

December 18, 1991 FIRB RESOLUTION NO. 038-91 SUBJECT : Fertilizer and Pesticide Authority (2) BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to endorse to the Department of Budget and Management the additional subsidy availment of the Fertilizer and Pesticide Authority in the amount of P 353,075,614 . 00 only, representing the basic customs duties and the additional duties due on its importations of fertilizers for the first up to the fourth quarters of 1991: Provided , That such amount shall be chargeable against the 1991 Tax expenditures Fund, 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: Provided , Further, that such subsidy shall not be used for fertilizer bags WHOSE LETTERS OF CREDIT ARE DIFFERENT OR OPENED SEPARATELY FROM THE BULK FERTILIZERS AND/OR SHIPPED SEPARATELY THEREFROM, EFFECTIVE JUNE 30, 1991: PROVIDED , HOWEVER, THAT THE FOREGOING EXCLUSION SHALL NOT APPLY TO FERTILIZER BAGS WHOSE LETTERS OF CREDIT WERE OPENED ON OR BEFORE JUNE 30, 1991, AND WHOSE IMPORT CONTRACTS WERE FINALIZED OR WHOSE IMPORTATIONS OF FERTILIZER BAGS WERE ALREADY IN TRANSIT DURING SAID PERIOD BUT WHERE THE SUBJECT FERTILIZER BAGS ARRIVED AFTER SAID PERIOD: Provided , Furthermore, That fertilizer trading shall be strictly monitored by the FPA and that fertilizer prices are widely disseminated with the corresponding floor and ceiling ranges, to make sure that the benefit of subsidy availment is effectively passed on to the farmers through reasonable and affordable fertilizer prices: Provided , Finally that the FPA shall furnish the FIRB on a regular basis or as often as may be required by the latter, the details of its initiatives and accomplishments in the foregoing aspects. (SGD.) DIOSDADO M. MACAPAGAL, JR. Acting Secretary of Finance Chairman FIRB References : FIRB Technical Committee meeting dated December 13, 1991 FIRB meeting dated December 18, 1991 FIRB Resolution No. Amount of Subsidy Availment 1-91, as amended P295,000,000.00 by 15-91 and 30-91 38-91 353,075,614.00 Total P648,075,614.00 ============