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PRESIDENTIAL DECREE NO. 781
PRESIDENTIAL DECREE NO. 781
- FURTHER AMENDING Section 17 OF PRESIDENTIAL DECREE NO. 87, AS
AMENDED, OTHERWISE KNOWN AS THE "OIL EXPLORATION AND DEVELOPMENT ACT OF
1972"
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WHEREAS, in
order to give impetus to the policy of the state to hasten the
discovery and production of indigenous petroleum through the
utilization of government and/or private resources, Presidential Decree
No. 87 was amended by Presidential Decree No. 469 to reconstitute the
membership of the Petroleum Board thereby providing a common forum for
coordinating at the policy level the activities and plans of the
Petroleum Board and the Philippine National Oil Company, the two
principal agencies of the government responsible for carrying out the
aforesaid national policy;chanroblesvirtualawlibrary
WHEREAS, it is advisable that the President of the Philippine National
Oil Company should desist from acting as Chairman of the Petroleum
Board whenever matters involving the Philippine National Oil Company
are being deliberated upon by the Board. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by
virtue of the powers vested in me by the Constitution of the Philippine
do hereby decree and order the following as part of the law of the and:cralaw:red
Section 1. Section 17 of Presidential Decree No. 87,
as amended, is hereby further amended by adding a second paragraph
which section shall 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."
"The President of the Philippine National Oil Company shall relinquish
the chairmanship of the board and abstain from participating in the
deliberations whenever matters involving the Philippine National Oils
Company directly or indirectly resulting in a conflict of interest are
presented for consideration of the Board. In such cases, a temporary
presiding officer shall be elected from the members of the
Board." chanroblesvirtualawlibrary
Section 2. This Decree shall take effect upon its
approval.
Done in the City of Manila,
this 25th day of August, in the year of Our Lord, nineteen hundred and
seventy-five.
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