Amending P.D. No. 1971 Re: Extension of the Corporate Term of NASUTRA

December 31, 1985

PRESIDENTIAL DECREE NO. 2005

FURTHER AMENDING P.D. 1971 EXTENDING THE CORPORATE TERM OF NASUTRA TO JANUARY 31, 1986

WHEREAS, P.D. 1971 as amended by P.D. 1984 provided among others for the phasing of the National Sugar Trading Corporation (NASUTRA) by December 31, 1985 and the transfer of its sugar trading functions to a private entity to be called Philippine Sugar Marketing Corporation (PHILSUMA).

WHEREAS, NASUTRA has pending contractual commitments particularly export shipments pertaining to the 1984-85 sugar crop which may take up to January 1986 to ship out. cdt

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree:

 Section 6 of P.D. 1971 as amended by Sec. 3 of P.D. 1984 is hereby further amended to read as follows:

"SEC. 6. In furtherance of the purposes and objectives of this Decree, the Commission shall cause the phasing out of the National Sugar Trading Corporation (NASUTRA) as soon as it completes the export shipments of 1984-85 sugar but not later than January 31, 1986. Further, the Commission shall cause the organization of a private corporation to be called the Philippine Sugar Marketing Corporation (PHILSUMA) as soon as possible but not later than December 31, 1985. Starting with the 1985-86 sugar crop PHILSUMA will be the sole marketing agency, for sugar exports and will, in addition, engage in domestic trading of sugar on a non-exclusive basis. PHILSUMA will be offered for subscription to sugar producers (Planters and Millers) in proportion to their actual production."

SECTION 2. This Decree shall take effect immediately.

DONE in the City of Manila, this 31st day of December, in the year of Our Lord, Nineteen Hundred and Eighty-Five.

Published in the Official Gazette, Vol. 82 No. 2 Page 108 on January 13, 1986.