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PRESIDENTIAL DECREE NO. 429-A
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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
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chanroblesvirtualawlibrary
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;chanroblesvirtualawlibrary
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;chanroblesvirtualawlibrary
WHEREAS, to achieve the above it may be necessary to provide for some
machinery that would allow the importer to recover its cost;chanroblesvirtualawlibrary
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:cralaw:red
Section 1. Section 7(i) of Republic Act 6173, as
amended, is hereby amended as follows:cralaw:red
"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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