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EXECUTIVE ORDER NO. 504 May 31, 1978

DIRECTING THE CHAIRMAN OF THE COMMISSION ON AUDIT TO MAKE AN EXAMINATION INTO THE BUSINESS AFFAIRS, ADMINISTRATION AND CONDITION OF PAYORS OF THE COCONUT CONSUMERS STABILIZATION FUND LEVY AND OF MANUFACTURERS OF SUBSIDIZED COCONUT-BASED PRODUCTS

WHEREAS, by means of the Coconut Consumers Stabilization Fund ("CCSF"), essential coconut-based products are made available to household consumers at socialized prices;

WHEREAS, there are reports tending to indicate that there are irregularities in the collection of the CCSF levy from the payors thereof and in the payments to subsidy recipients;

WHEREAS, the Protection of the CCSF is a matter of public interest;

WHEREAS, for that purpose, it is imperative that the Government conduct an audit of all payors of the CCSF levy and of all subsidy recipients;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the inherent visitorial power of the State, and, pursuant to Section 54 of Act 1459, as amended (the "Corporation Law"), hereby order the Chairman of the Commission on Audit to make an examination into the business affairs, administration and condition, up to and as of the date hereof, of any entity required to pay the CCSF levy imposed under P.D. 276, as amended, and as reiterated in P.D. 961, and of any manufacturer of coconut-based products which may have received any amount as subsidy from collections of the CCSF levy.

Done in the City of Manila, this 31st day of May, in the year of Our Lord, nineteen hundred and seventy-eight.

The Lawphil Project - Arellano Law Foundation

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