WHEREAS, it is vital and necessary for the government to encourage people to organize cooperatives that will provide for their need at the lowest possible cost and at the same time increase their incomes and productivity;
WHEREAS, to strengthen the cooperatives, there is need to restore to them certain privileges which were suspended by PD 1955.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by virtue of the powers vested in me by the Constitution, do hereby decree:
SECTION 1. Section 4 of Presidential Decree Numbered One hundred Seventy-Five, as amended by Presidential Decree Numbered Nineteen Hundred and Fifty-Five, is hereby amended to read as follows
“SEC. 4 Powers of Cooperatives. – Cooperatives shall have the following powers:
SEC. 2. All laws, Decrees, Executive Orders, and Regulations, and other issuances or parts thereof which are inconsistent with this Decree are hereby repealed, amended or modified accordingly.
SEC. 3. Effectivity. This Decree shall take effect immediately.
Done in the City of Manila, on this 3rd day of January, in the year of Our Lord, nineteen hundred and eighty-six.
(Sgd.) FERDINAND E. MARCOS
President of the Philippines
By the President: (Sgd.) JOAQUIN T. VENUS, JR. Deputy Presidential Executive Assistant