Grant of Authority to NEDA To Set Minimum Prices of Coconut Products and By-Products

August 2, 1974

PRESIDENTIAL DECREE NO. 527

GRANTING AUTHORITY TO THE NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY TO SET MINIMUM PRICES OF COCONUT OIL, COPRA AND OTHER COCONUT PRODUCTS AND BY-PRODUCTS

WHEREAS, the economic well-being of a major part of the population depends to a large extent on the viability of the coconut industry and its improvement in the area of production and marketing;

WHEREAS, to protect coconut farmers, there is a need to regulate and/or fix the minimum prices at which copra and other coconut products and by-products may be purchased from coconut farmers, as well as minimum export prices for copra, coconut oil and other coconut products and by-products.

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

SECTION 1. That the National Economic and Development Authority, motu proprio or upon recommendation of the Philippine Coconut Authority, may fix the minimum prices that may be paid to coconut farmers for copra and other coconut products, as well as minimum export prices for copra, coconut oil and other coconut products and by-products whenever the national interest so requires taking into consideration cost of production, transportation, marketing and other relevant factors.

SECTION 2. That the National Economic and Development Authority is hereby authorized to prohibit the export from the Philippines of copra, coconut oil and other coconut products and by-products at prices below the minimum export prices that may be fixed in accordance with the provision of the preceding section.

SECTION 3. That Government agencies and instrumentalities, including the Central Bank of the Philippines, the Philippine Coconut Authority and the Bureau of Customs shall not issue export licenses and permits for the export of copra, coconut oil and other coconut products and by-products at prices below the minimum export prices that may be fixed by the National Economic and Development Authority pursuant to the authority granted in Section 1 hereof.

SECTION 4. That the National Economic and Development Authority is hereby authorized to issue rules and regulations necessary to implement the provisions of this Decree.

SECTION 5. That any person who shall violate the provisions of this Decree and any rule or regulation that may be issued by the National Economic and Development Authority pursuant to the authority granted in the preceding section shall, upon conviction, be punished by a fine of not more than twenty thousand pesos (P20,000.00) and/or by imprisonment of not more than five years: Provided, That in the case of corporations, partnerships, associations or companies the President, Manager or Administrator or the person who has charge of the administration of the business shall be criminally responsible for any violation of this Decree or of the rules and regulations that may be promulgated by the National Economic and Development Authority pursuant to the authority in the next preceding section.

SECTION 6. Any provision of law in conflict herewith is revoked or amended accordingly.

SECTION 7. This Decree shall take effect immediately.

DONE in the City of Manila, this 2nd day of August, in the year of Our Lord, Nineteen Hundred and Seventy-Four.