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PRESIDENTIAL DECREE NO. 469
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PRESIDENTIAL DECREE NO. 469 -
AMENDING PRESIDENTIAL DECREE NO. 87, OTHERWISE KNOWN AS "THE OIL
EXPLORATION AND DEVELOPMENT ACT OF 1972"
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WHEREAS, it
is the declared policy of the State to hasten the discovery and
production of indigenous petroleum through the utilization of
Government and/or private resources; chanroblesvirtualawlibrary
WHEREAS, the two provincial agencies of the government responsible for
carrying out the foregoing national policy are the Petroleum Board
created under Presidential Decree No. 87 and the Philippine National
Oil Company created under Presidential Decree No. 364;chanroblesvirtualawlibrary
WHEREAS, in carrying out their functions, the Petroleum Board, among
others, executes and approves all service contracts in connection with
exploration and petroleum operations entered into by the Government
with all private persons while the Philippine National Oil Company is
the Government entity empowered to undertake and engage in, by itself
or in consortium with others, exploration activity and other petroleum
operations:cralaw:red
WHEREAS, to enable both agencies to fully coordinate their activities
and plans at the policy level it is essential to provide said agencies
a common forum;chanroblesvirtualawlibrary
WHEREAS, this can be attained by reconstituting the membership of the
Petroleum Board and giving the Philippine National Oil Company
representation therein; 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 17 of Presidential Decree No. 87
is hereby amended to read as follows:cralaw:red
"Sec. 17. There is hereby created a Petroleum Board
composed of the President of the Philippine National Oil Company, as
Chairman, and the Secretary of National Defense, the Executive
Secretary, the Secretary of Natural Resources, the Secretary of
Finance, the Secretary of Justice, the Secretary of Industry, the
Governor of the Central Bank and the Director of Mines as members. The
Board shall designate and appoint its Executive Director." chanroblesvirtualawlibrary
Section 2. This Decree shall take effect upon its
approval.
Done in the City of Manila,
this 23rd day of May, in the year of Our Lord, nineteen hundred
seventy-four.
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