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[ PRESIDENTIAL DECREE NO. 920, April 05, 1976 ]

AMENDING SECTION 1 OF PRESIDENTIAL DECREE NO. 897 FIXING MINIMUM PRICES OF LOCALLY GROWN VIRGINIA LEAF TOBACCO, TO PROVIDE FOR NEW MINIMUM PRICES THEREOF.

WHEREAS, after further studies, it has been established at the existing minimum prices of locally produced Virginia leaf tobacco as set forth in Presidential Decree No. 897 are by present standards still inadequate, considering the high cost of production;

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

SECTION 1. Section 1 of Presidential Decree No. 897 is hereby amended to read as follows:

"SEC. 1. Beginning with the tobacco trading year 1976, no person, corporation, partnership or association shall buy locally grown Virginia loaf tobacco at prices lower than the following:

  GRADE A
P8.00 per kilogram
 
  GRADE B
7.50 per kilogram
 
  GRADE C
7.00 per kilogram
 
  GRADE D
6.50 per kilogram
  
  GRADE E
6.00 per kilogram
  

The description of each grade shall be determined by the Philippine Virginia Tobacco Administration.

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 5th day of April, in the year of Our Lord, nineteen hundred and seventy-six.

   
   
 
(Sgd.)
   FERDINAND E. MARCOS
 
President
 
   
  Republic of the Philippines

 

 By the President:  
     

(Sgd.)
  JACOBO C. CLAVE  

Presidential Executive Assistant
   
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