PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
REPUBLIC ACT NO. 1292 - AN
ACT TO ENCOURAGE FILIPINO RETAILERS AND TO CREATE THE FILIPINO
RETAILERS' FUND |
Section 1. It
shall be a national policy to encourage Filipino retailers. Sec. 2. For the purpose of providing credit facilities for the promotion and development of the Filipino retail trade, there is hereby created a revolving fund to be known as the "Filipino Retailers' Fund," which shall be under the administration of the Secretary of Commerce and Industry, or any other office that the President may designate, with the provincial, city and municipal treasurers as his deputies. Sec. 3. Importers of prime commodities shall sell to Filipino retailers at the same mark-up as their sales through their present trade channels at least thirty per cent of their imports.
Sec. 4. This Fund should be used either as
guarantee fund to underwrite loans made by any government financing
institution to any bona fide Filipino retailer or as loan fund:
Provided, however, That not more than twenty per cent of the funds of
the Retailers' Fund shall be given as cash loans. Loans not exceeding
five thousand pesos each may be granted to any Filipino citizen who
fully owns a retail store and who personally manages it, hereinafter
referred to as Filipino retailer, or Filipino citizen who wishes to be
a retailer. Said loans shall be payable in five equal annual
installments with interest at four per centum per annum. In no case
shall the interest be collected in advance. The assets of the retail
store owned by the retailer or to be established by him shall be
mortgaged to the Filipino Retailers' Fund to secure the payment of the
loan.
Sec. 6. Applications for such loans shall be made
in writing and under oath and shall contain, among other things, the
following:
Sec. 8. The Secretary of Commerce and Industry
shall issue the necessary rules and regulations to carry into effect
the provisions of this Act and to insure the stable and orderly
management and success of the Filipino retail store. Sec. 9. To carry out the purposes of this Act, there shall be created a guidance division in the Department of Commerce and Industry to take charge of the processing of loans to be granted under this Act and to help borrowers make their purchases without unnecessary loss of time and/or money.
Section 10. There is hereby appropriated out of any
funds in the National Treasury not otherwise appropriated, the sum of
twenty million pesos, to constitute the revolving fund provided for in
section two of this Act. All income or receipts derived from the
operation of such revolving fund shall accrue to and form part of the
same and shall be available for expenditure and/or investment for the
purposes of this Act. Approved: June 15, 1955 |