In order to reduce dependency upon importation of fertilizers of the Philippines, a corporation is created with the primary purpose of ensuring that there is an adequate and stable supply of fertilizer and agricultural chemicals at reasonable prices. For this purpose, the Corporation may engage in the manufacture, storage, distribution, transportation, purchase, sale importation and exportation of fertilizers and agricultural chemicals of all kinds. Powers and functions of the Corporation are outlined in section 5. The powers and functions of the Corporation shall be vested in and exercised by a Board of Directors. The Corporation shall operate independently, subject only to the authority of the President of the Philippines (sect. 18). (22 sections)
Presidential Decree NO. 992 creating the National Fertilizer Corporation of the Philippines (FERTIPHIL).