WHEREAS, the functions and powers of the National Grains Authority, created under P.D. No. 4 as amended by P.D. No. 699 and 1485, are limited to the grains industry;
WHEREAS, integrated growth and development of the entire food industry requires the expansion of the functions and powers of the National Grains Authority to cover other basic food commodities;
NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the owners vested in me by the constitution, do hereby Order and Decree:
SECTION 1. Short Title. This Decree shall be known as National Food authority Act.
SEC. 2. Declaration of Policy. — It shall be the declared policy of the State to promote the integrated growth and development of the food industry so it can adequately function as an institution conscious of its social responsibilities, capable of maintaining an adequate and continuous food supply and of contributing its proper share to the economy.
SEC. 3. National Food Authority. — The National Grains Authority is hereby transferred into the National Food Authority which shall be a government corporation attached to the Office of the President.
SEC. 4. Scope. — is used in this Decree, the term "Food Industry" shall include, in addition to those enumerated in Section 2 of Presidential Decree No. 4, as amended, raw/fresh and/or manufactured/processed/packaged food products.
SEC. 5. Applicability of Presidential Decree No. 4 as amended by Presidential Decree Nos. 699 and 1485. — Except as Otherwise herein provided, the provisions of Presidential Decree No. 4, as amended by Presidential Decree Nos. 699 and 1485, shall govern the National Food Authority and shall be applicable to other food commodities mentioned in the immediately preceding paragraph as the National Food Authority Council may determine from time to time.
SEC. 6. Composition of the National Food Authority Council. — The Council shall be composed of the following:
The Minister of Human Settlements
The Administrator, National Food Authority
The Minister of Agriculture
The Minister of Finance
The Minister of Industry
The Minister of Trade
The Governor, Central Bank of the Philippines
The Chairman, Development Bank of the Philippines
The President, Philippine National Bank
The President, Land Bank of the Philippines
A Representative of the Office of the President
The Chairman shall be the Minister of Human settlements and the Vice-Chairman shall be the administrator of the National Food Authority. The administrator of the National Food Authority shall be appointed by the President of the Republic of the Philippines.
The Council shall meet regularly at least once a month on any date to be determined by the Chairman Provided: That the Chairman may convene special meetings to discuss urgent matters. The Council Members shall be entitled to per diem of not less than EIGHT HUNDRED PESOS (P800.00) for each meeting actually attended by them and such other remuneration as may be determined by the Council.
The Management of the Authority shall be vested in an administrator who shall have the rank of a Minister and shall be assisted by two (2) Deputy Administrators and as many Assistant Administrators as may be determined by the Council and whoso respective qualifications shall be the same as those provided for in the said Decree.
The Administrator shall receive a compensation, to be determined by the Council in accordance with the provisions of pertinent compensation law.
SEC. 7. Additional Powers, Functions and Exemptions. — In addition to the powers, functions and exemptions of the authority under P.D. No. 4, as amended, the Authority shall have the following powers, functions and exemptions:
SEC. 8. Food Terminal, Inc. —The investments and loans Is well as related obligations incurred, of the Human Settlements development Corporation in the Food Terminal, Inc., shall be transferred to the authority, as such valuation as may be approved by :he President of the Philippines upon recommendation of the Commission on Audit.
The terms of payment for net assets transferred shall be as mutually agreed upon.
SEC. 9. Capitalization. — The authority shall have an authorized capital stock of five billion pesos, divided into fifty million shares or par value of ore hundred pesos each. These shares shall be wholly subscribed and paid by the national government, local government units, or other government owned be controlled corporations.
The accumulated capital stock and surpluses of the National Grains Authority shall be evaluated and shall be the initial laid in capital of the authority. The national government shall lake additional equity investments into the authority out of funds appropriated in the General appropriations Act and other appropriations laws as may be approved by the President in accordance with the fund requirements of the Authority and funds availability in the Treasury.
SEC. 10. Funding.
SEC. 11. National Government Guarantee. The Authority shall he guaranteed by the government of the Philippines upon approval of the President of the Philippines.
SEC. 12. Rules and Regulations. The authority shall promulgate such rules and regulations as may be necessary to effectively inclement and carry out the provisions of this Decree, such rules and regulations shall take effect fifteen (15) days following their publication once in at least one daily newspaper of general circulation.
SEC. 13. Repealing Clause. — All laws, orders and proclamations, rules and regulations, or parts thereof, inconsistent with the provisions of this Decree are hereby repealed, emended or modified accordingly.
SEC. 14. Separability Clause. — If any port, section or provision of this Decree be held invalid or unconstitutional, no other part, section or provision thereof shall be affected thereby.
SEC. 15. This Decree shall take effect immediately.
DONE in the City of Manila, Philippines, this 14th day of January, in the year of Our Lord, nineteen hundred and eighty-one.
(Sgd.) FERDINAND E. MARCOS
President of the Philippines
By the President: (Sgd.) JOAQUIN T. VENUS, JR. Deputy Presidential Executive Assistant