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PRESIDENTIAL DECREE NO. 1611
PRESIDENTIAL DECREE NO. 1611 -
PROVIDING THE REPEAL OF CERTAIN PROVISION OF PRESIDENTIAL DECREE
NUMBERED ONE THOUSAND FOUR HUNDRED AND TWO CREATING THE PHILIPPINE
NATIONAL IRON AND STEEL CORPORATION
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WHEREAS,
the Development bank of the Philippines is the owner of the Iligan
Steel Mill, together with the buildings, equipment and machineries,
presently leased to the National Steel Corporation;chanroblesvirtualawlibrary
WHEREAS, Section 14 of the Presidential Decree No. 1402 creating the
Philippine National Iron and Steel Corporation directs the Development
Bank of the Philippines to transfer, assign and convey the said steel
mill to the Philippine National Iron and Steel Corporation;chanroblesvirtualawlibrary
WHEREAS, it is the policy of the Government to encourage the private
sector to actively participate in its efforts towards the promotion of
the national welfare, economic program and industrialization;chanroblesvirtualawlibrary
WHEREAS, in order to enable the Development Bank of the Philippines to
comply with its commitments with the World Bank and the Asian
Development Bank and at the same time to dispose of its steel mill to
any qualified person or groups of persons, corporations or other
business establishments, engaged or are about to engage in the iron and
steel industry or any activity related to iron and steel operations, it
is necessary to remove the limitation in the disposition thereof. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order the following:cralaw:red
Section 1. Section 14 of Presidential Decree No. 1402
creating the Philippine National Iron and Steel Corporation is hereby
repealed.
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 28th day of February, in the year of Our Lord, nineteen hundred
and seventy-nine.
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