PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
REPUBLIC ACT NO. 1791 - AN
ACT TO AMEND REPUBLIC ACT NUMBERED THIRTEEN HUNDRED FORTY-FIVE,
ENTITLED "AN ACT CREATING THE NATIONAL MARKETING CORPORATION AND
DISSOLVING THE PRICE STABILIZATION CORPORATION, APPROPRIATING FUNDS
THEREFOR, AND FOR OTHER PURPOSES," AS AMENDED BY REPUBLIC ACT NUMBERED
SIXTEEN HUNDRED AND ONE |
Section 1.
Subsection (a) of section five of Republic Act Numbered Thirteen
hundred forty-five is amended to read as follows: "(a) To procure
and buy commodities for distribution at reasonable prices to Filipino
retailers and businessmen in order to promote their greater
participation in the distribution system of the national economy:
Provided, That in the procurement and purchase of said commodities the
NAMARCO shall require its suppliers to mark all NAMARCO goods with the
name "NAMARCO" so that the same cannot be confused with similar goods
imported by private parties;"
Sec. 2. The section-heading, entitled "Capitalization and Revolving Fund" immediately following section six of the same Act is amended to read as follows: "Sec. 6.
Capitalization, Revolving Fund and dollar quota allocation. �"
Sec. 3. Subsection (b) of section six of the same Act as amended by Republic Act Numbered Sixteen hundred and one is further amended to read as follows: "(b) The Board
of Directors is authorized to appropriate out of the gross earnings of
the NAMARCO corresponding to each fiscal year such amount as may be
necessary to defray its operating expenses, which in no case shall
exceed two million pesos, subject to the approval of the President of
the Philippines: Provided, however, That the Board of Directors shall
not appropriate out of its authorized capital any amount for operating
expenses. In the event the NAMARCO shall increase the present number of
employees, priority and preferences should be given to former employees
of the NAMARCO or PRISCO who have been laid off, if said former
employees are civil service eligibles. The unexpended balance of the
appropriation for overhead expenses at the end of each fiscal year
shall automatically revert to the said revolving fund and whatever net
earnings of the NAMARCO, if any, shall also accrue to the revolving
fund.
Sec. 4. A new subsection to be known as subsection (c) is added to section six of the same Act, to read as follows: "(c) In order
to enable the corporation to implement its functions effectively, the
Central Bank of the Philippines is authorized and directed to make
available to the NAMARCO a yearly foreign exchange allocation of at
least twenty million dollars ($20,000,000.00): Provided, however, That
at least five million dollars ($5,000,000.00) of said allocation shall
be used for the purchase or procurement of essential and/or highly
essential consumer good as classified by the Central Bank of the
Philippines: Provided, further, That when the NAMARCO finds and
determines that there is a sufficient supply at reasonable prices of
any locally produced, processed or manufactured commodity, it shall not
import such commodity."
Sec. 5. A new subsection to be known as subsection (e) is added to section seventeen of the same Act, to read as follows: "(e)
Imprisonment for a period of not less than two months nor more than six
years or a fine not less than two hundred pesos nor more than six
thousand pesos, or both, shall be imposed upon any NAMARCO distributor
or retailer who sells any NAMARCO article, goods or commodity in excess
of the maximum selling price fixed by the NAMARCO; or any person who
sells any article, goods or commodity with the name "NAMARCO" having
been erased or cancelled; or any person who hoards or keeps for
blackmarketing purposes any NAMARCO article, goods or commodity
intended to sale to the public; or any NAMARCO distributor or retailer
who refuses to sell any merchandise displayed and offered for sale in
any NAMARCO establishment, store or stall, or any merchandise which,
although not displayed, are in stock, or who, having in stock
merchandise the price of which is under control by the NAMARCO, shall
transfer the same or make false or fictitious sale of all or any
portion thereof; or any person who engages in any manipulation as to
defeat the purposes of this Act; or who violates any provision of this
Act or any rule or regulation issued by the NAMARCO pursuant to the
provisions of this Act: Provided, however, That in case the offender is
a NAMARCO distributor or retailer, in addition to the penalty herein
provided, he shall be perpetually disqualified from being re-appointed
as such distributor or retailer; and should the offender be an alien,
he shall upon final conviction, be subject to deportation without
further deportation proceedings. In case the offender is a corporation,
partnership or association, the President, Managing Director or Manager
thereof shall be held criminally liable: And provided, further, That
the rules and regulations mentioned above shall only take effect thirty
(30) days after publication in the Official Gazette."
Sec. 6. This Act shall take effect upon its approval.cralaw Approved: June 21, 1957 |
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