A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 572
PRESIDENTIAL DECREE NO. 572
- FURTHER AMENDING THE CHARTER OF THE PHILIPPINE NATIONAL OIL COMPANY
(PNOC), AS PROVIDED FOR IN PRESIDENTIAL DECREE NO. 334, AS AMENDED, AND
FOR OTHER PURPOSES
|
chanroblesvirtualawlibrary
WHEREAS,
under Presidential Decree No. 334, as amended, the Philippine National
Oil Company is expressly charged (a) to provide and maintain an
adequate and stable supply of oil and petroleum products for the
domestic requirements; (b) to promote the exploration, exploitation and
development of local oil and petroleum sources; and (c) to foster oil
or petroleum operation conditions conducive to a balance and
sustainable growth of the economy; chanroblesvirtualawlibrary
WHEREAS, it is imperative that the Philippine National Oil Company and
its affiliated companies be granted adequate powers and incentives to
enable it to attain expeditiously and efficiently its declared
objectives.
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 13 of Presidential Decree No. 334
is hereby amended to read as follows:cralaw:red
"Sec. 13. Loans. — The Company as well as an
affiliate corporation in which it holds, owns and/or controls by itself
or jointly with one or more Government owned or controlled corporations
of at least seventy-five (75%) of the issued and outstanding shares of
stock entitled to vote, when specifically authorized by the President
of the Philippines, is hereby authorized to contract loans, credits, in
any convertible foreign currency or capital goods, and indebtedness
from time to time from foreign governments, or any international
financial institutions or fund sources, or any other entities, on such
terms and conditions it shall deem appropriate for the accomplishment
of its purposes and to enter into and execute agreements and other
documents specifying such terms and conditions. chanroblesvirtualawlibrary
"The Republic of the Philippines, through the President of the
Philippines or his duly authorized representative, may guarantee,
absolutely and unconditionally, as primary obligor and not as surety
merely, the payment of the loans, credits and indebtedness secured by
the Company or any of its affiliate corporations, as provided above,
which may be over and above the amount which the President of the
Philippines is authorized to guarantee under Republic Act Numbered
Sixty One Hundred Forty-Two, as amended, as well as the performance of
all or any of the obligations undertaken by the Company or its
affiliate corporations in the territory of the Republic of the
Philippines pursuant to loan agreements entered into with foreign
governments or any international financial institutions or fund
sources.
"The loans, credits and indebtedness contracted under this subsection
and the payment of the principal, interest and other charges thereon,
as well as the importation of machinery, equipment, materials, supplies
and services, by the Company and or any of its affiliate corporations
as defined herein, paid from the proceeds of any loan, credit or
indebtedness incurred under this Act, shall also be exempt from all
direct and indirect taxes, duties, fees, imposts, and all other charges
and restrictions, including import restrictions previously and
presently imposed, and to be imposed by the Republic of the
Philippines, or any of its agencies and political subdivisions."
Section 2. Section 15 of Presidential Decree No. 334,
as amended, is hereby further amended to read as follows:cralaw:red
"Sec. 15. Privileges and Incentives. — The Company
shall be entitled to all the incentives and privileges granted by law
to private enterprises engaged in petroleum or oil operations. chanroblesvirtualawlibrary
"In addition the company shall be exempt from all taxes, duties, fees,
imposts, and all other charged imposed directly or indirectly by the
Republic of the Philippines, its provinces, cities, municipalities and
other government agencies and instrumentalities; provided that: the
Company's affiliate corporations as provided in Section 13 hereof, as
amended, shall be exempt only from all taxes, duties, fees, imposts,
and all other charges imposed directly or indirectly by the Republic of
the Philippines, its provinces, cities, municipalities and other
government agencies and instrumentalities, on importations ofrcrafts,
vessels, tankers, barges and other floating structures, including any
machinery, engines, motors, equipment, spare parts and materials
thereof.
"Other government offices and other government-owned or controlled
corporations shall extend whatever assistance may be needed by the
Company or any of its affiliates and subsidiaries, including the
details of its officials and employees to the Company or any of its
subsidiaries on full time or part time basis under arrangements
satisfactory to the Company or any of its subsidiaries and the other
government office or corporation concerned. Said officials and
employees, as well as the directors of the Company and its affiliates
and subsidiaries, may receive allowances and other emoluments,
notwithstanding the provision of any law to the contrary.
"The employees of the Company shall be entitled to all the retirement
and insurance benefits and leave privileges of government employees.
However, subsidiaries of the Company organized to undertake purely
business ventures shall not as a matter of right, be subject to the
provisions of the Government Service and Insurance System, as provided
for under R.A. 186, as amended, as well as to many law, executive
orders and decrees relating to leave of absences, retirement
privileges, regular working hours, and other government employee
benefits."
Section 3. This Decree shall be effective as of the
date of the effectivity of Presidential Decree No. 334.
Done in the City of Manila,
this 5th day of November, in the year of Our Lord, nineteen hundred and
seventy-four.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|