s , ▁President ▁Ferdinand ▁Mar cos ▁and ▁his ▁economic ▁advis ers ▁argued ▁that ▁per vas ive ▁market ▁fail ures ▁were ▁the ▁root ▁cause ▁of ▁the ▁decl ine ▁of ▁the ▁sugar ▁industry . ▁In ▁order ▁to ▁rescue ▁the ▁industry , ▁central ▁coord ination ▁was ▁cru cial . ▁The ▁Mar cos ▁Administration ▁followed ▁a ▁diffusion ist ▁argument , ▁calling ▁for ▁government ▁to ▁replace ▁the ▁market ▁in ▁order ▁to ▁stim ulate ▁the ▁market ▁development ▁of ▁the ▁sugar ▁industry ▁▁ ▁In ▁ 1 9 7 6 , ▁in ▁response ▁to ▁precip it ous ▁decl ines ▁in ▁sugar ▁prices , ▁President ▁Mar cos ▁issued ▁President ial ▁Dec ree ▁No . ▁ 3 8 8 8 ▁( and ▁am ended ▁by ▁President ial ▁Dec ree ▁N os . ▁ 7 7 5 ▁and ▁ 1 1 9 2 ), ▁ordering ▁the ▁establishment ▁of ▁the ▁Philipp ine ▁Sug ar ▁Commission ▁( PH IL SU COM ). ▁This ▁commission ▁assumed ▁the ▁functions ▁of ▁both ▁S Q A ▁and ▁P H IL SU G IN , ▁and ▁was ▁given ▁the ▁sole ▁power ▁to ▁buy ▁and ▁sell ▁sugar , ▁set ▁prices ▁paid ▁to ▁plan ters ▁and ▁mill ers , ▁and ▁purchase ▁companies ▁connected ▁to ▁the ▁sugar ▁industry . ▁In ▁May ▁ 1 9 7 8 , ▁the ▁Republic ▁Plan ters ▁Bank ▁was ▁established ▁to ▁provide ▁ade qu ate ▁and ▁tim ely ▁finan cing ▁to ▁the ▁sugar ▁industry . ▁ ▁To ▁minim ize ▁the ▁impact ▁of ▁fl uct u ating ▁world ▁sugar ▁prices ▁during ▁this ▁period , ▁P H IL SU COM ▁established ▁a