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PRESIDENTIAL DECREE NO. 456
PRESIDENTIAL DECREE NO. 456 -
FURTHER AMENDING REPUBLIC ACT NUMBERED SIXTY ONE HUNDRED AND SEVENTY
THREE AS AMENDED, OTHERWISE KNOWN AS THE OIL INDUSTRY COMMISSION ACT BY
AMPLIFYING THE PURPOSES OF THE SPECIAL FUND CREATED UNDER Section 7(j)
OF SAID ACT AND AUTHORIZING THE OIL INDUSTRY COMMISSION TO REQUIRE
PAYMENT BY PERSONS AND COMPANIES ENGAGED IN THE PETROLEUM BUSINESS TO
SAID SPECIAL FUND
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WHEREAS,
under Section 7(j) Republic Act No. 6173, as amended, a Special Fund
was created to be utilized directly or in the form of loans through
financial institutions of the government, for projects relating to the
consumption or use of crude oil, gas and other petroleum products; the
development of other sources of energy; for exploration and researches
on conservation, anti-pollution and other similar studies; and to
subsidize importation of crude oil and refined petroleum products by
the government agencies and government owned or controlled corporation
to assure adequate and continuous supply of petroleum products at
reasonable prices;chanroblesvirtualawlibrary
WHEREAS, there is a need to redefine and amplify the purposes of the
Special Fund;chanroblesvirtualawlibrary
WHEREAS, in order to generate funds with which to conduct and thereby
carry out successfully those economic and social projects to be
financed by the Special Fund, it is necessary to adopt adequate
measures for its financing;chanroblesvirtualawlibrary
WHEREAS, the foregoing objectives can be achieved by authorizing the
Oil Industry Commission to require payment within certain prescribed
limits by those engaged in the petroleum industry to said Special Fund;chanroblesvirtualawlibrary
WHEREAS, the Commission may avail itself of said authority in order to
regulate and rationalize prices of petroleum products in line with the
announced policy of the government to encourage conservation and
disciplined use of petroleum products;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 as part of the law of the land:cralaw:red
Section 1. Section 7(j) of Republic Act No. 6173, as
amended, is hereby amended to read as follows:cralaw:red
"Sec. 7(j). Whenever an authorized increase in the
prices of petroleum products would result in an extraordinary gain from
existing inventories, the Commission is hereby empowered to take
measures, including the payment by persons or companies benefited, to a
Special Fund which is hereby created, of such amounts as the Commission
may determine in an appropriate order, as would assure that said
extraordinary gain shall redound to the public interest.
Until otherwise provided, the Special Fund herein created shall be
utilized for projects relating to the consumption or use of crude oil,
gas, and other petroleum products; for the development of other sources
of energy; for exploration and researches on conservation,
anti-pollution and other similar studies; to subsidize importation of
crude oil and refined petroleum products by government agencies, or
government owned or controlled corporations, to assure adequate and
continuous supply of petroleum products at reasonable prices; and such
other special economic and social projects as may be determined by the
President of the Philippines. The Special Fund shall be administered as
the President may direct."
Section 2. A new section shall be inserted between
Sections 15 and 16 of Republic Act No. 6173, as amended, to be known
and cited as Section 15-A to read as follows:cralaw:red
"Sec. 15-A. Payment to Special Fund. — The Commission
is hereby empowered to require through an appropriate order, payment by
persons or companies engaged in the business of importing,
manufacturing and/or marketing petroleum products, to the Special Fund
created under Section 7(j) of this Act, of amounts not exceeding
fifteen centavos (P0.15) per liter of refined petroleum products. In
the exercise of this power, the Commission shall take into account the
requirements of the Special Fund in relation to the purpose for which
it was created, the effect of the payment on prices of petroleum
products and corollarily, its cost impact on the economy and/or
consuming public and the cost and profit levels of the industry."
Section 3. All acts, executive orders, administrative
orders, rules and regulations or parts thereof which are inconsistent
herewith are hereby revoked or modified accordingly. chanroblesvirtualawlibrary
Section 4. This decree shall take effect upon its
approval.
Done in the City of Manila this
15th day of May, in the year of Our Lord, nineteen hundred and
seventy-four.
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