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(NAR) VOL. 14 NOS. 3-4 / OCTOBER - DECEMBER 2003

[ SRA CIRCULAR LETTER NO. 7, S. OF 2003-2004, October 16, 2003 ]

MORATORIUM ON THE RELEASE/DELIVERY TRANSACTION OF CROP YEAR 2003-2004 CONSOLIDATED "D" QUEDAN-PERMITS



WHEREAS, initial, yet unverified, reports coming from the different sugar mill districts seem to indicate that the projected sugar production for Crop Year 2003-2004 might fall short of the estimated targets;

WHEREAS, there is a need for the Sugar Regulatory Administration (SRA) to verify these initial reports without prejudice to the continuing issuance of the 2003-2004 consolidated "D" quedan-permits so as to make "D" sugar readily available in the event that the initial reports would turn out to be inaccurate.

WHEREAS, in a meeting, the SRA Sugar Board had agreed, pending its re-assessment of the 2003-2004 sugar production, to a moratorium on the release/delivery/transaction of 2003-2004 consolidated "D" quedan-permits;

WHEREAS, the aforesaid moratorium will enable the SRA Sugar Board to decide, after verifying and evaluating the incoming production reports, whether or not to amend/modify/revoke pertinent provisions of Sugar Orders Nos. 1 and 2, Series of 2003-2004, concerning the 4% allocation for "D" or World Market sugar, in furtherance of its objective to ensure stability of sugar prices in the domestic market at levels both beneficial to the sugar producers and consumers:

Pursuant therefore to the policy of the Sugar Regulatory Administration to undertake periodic assessments of the 2003-2004 sugar production, it is hereby ordered for a period of thirty (30) days from the date of this Circular Letter that:

  1. All mill companies shall hold in abeyance the release/delivery to all sugar producers and/or planters' associations/cooperatives of all the 2003-2004 consolidated "D" quedan-permits issued prior to and within the period prescribed herein;
  2. There shall be no withdrawal of the 2003-2004 "D" sugar from all concerned sugar mills during the duration of the thirty (30) day moratorium period.
  3. All mill companies who have in their possession the 2003-2004 consolidated "D" quedan-permits, and all planters, sugar producers and/or planters' associations/cooperatives who have obtained delivery of the 2003-2004 consolidated "D" quedan-permits, shall not transact, negotiate, sell or otherwise dispose of these quedans within the moratorium period of thirty (30) days mentioned herein.

Strict compliance of all concerned is hereby enjoined.

Adopted: 16 Oct. 2003

(SGD.) JAMES C. LEDESMA
Administrator

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