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PRESIDENTIAL DECREE NO. 429-A

PRESIDENTIAL DECREE NO. 429-A - FURTHER AMENDING REPUBLIC ACT NUMBERED SIXTY ONE HUNDRED AND SEVENTY-THREE AS AMENDED, OTHERWISE KNOWN AS THE OIL INDUSTRY COMMISSION ACT, BY AUTHORIZING THE OIL COMMISSION TO PROVIDE FOR AN ADMINISTRATIVE MECHANISM TO PROPERLY COMPENSATE THOSE WHO MAY BE AUTHORIZED BY IT TO IMPORT CRUDE OIL OR REFINED PETROLEUM PRODUCTS AS A MEASURE TO AVERT SHORTAGE THEREOF

WHEREAS, one of the primordial concerns of the government is to insure adequate and continuous supply of crude oil and refined petroleum products in the country to meet the basic needs of the people and the requirements for national economic growth;

WHEREAS, in order to stabilize prices of petroleum products or to cover any shortfall thereof, it may be necessary to import crude oil and/or refined petroleum products not only from the known traditional sources of supply but also from other sources of supply through all available means;

WHEREAS, to achieve the above it may be necessary to provide for some machinery that would allow the importer to recover its cost;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and order:

Section 1. Section 7(i) of Republic Act 6173, as amended, is hereby amended as follows:

"Sec. 7(i). Whenever the Commission has determined that there is a shortage of any petroleum product affecting public interest, it may, in order to relieve the shortage, authorize or approve the importation by any agency or instrumentality of the government or a government owned or controlled corporation of crude oil or petroleum product from any available source, and take such other steps as it may consider necessary, including the temporary adjustment of the levels of prices of petroleum products and the adoption of a mechanism which will require the payment to the Special Fund created under the next succeeding paragraph by persons or entities engaged in the petroleum industry of such amounts, as may be determined by the Commission, which will enable the importer to recover its cost of importation."

Section 2. All acts, executive orders, administrative orders, rules and regulations or parts thereof which are inconsistent herewith are hereby repealed or modified accordingly.

Section 3. This Decree shall take effect upon approval.

DONE in the City of Manila, this 6th day of April, in the year of Our Lord, nineteen hundred and seventy-four.

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