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PRESIDENTIAL DECREE NO. 1067-A
PRESIDENTIAL DECREE NO. 1067-A -
CREATING THE PHILIPPINE AMUSEMENTS AND GAMING CORPORATION, DEFINING ITS
POWERS AND FUNCTIONS, PROVIDING FUNDS THEREFOR, AND FOR OTHER PURPOSES
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WHEREAS,
there is a pressing need for the government to tap potential resources
from which funds can be generated to finance its many infrastructure
and socio-civic development projects, particularly within the
Metropolitan Manila area, intended to improve the living conditions of
the residents therein; thus, promote their welfare and insure healthy
environmental growth;chanroblesvirtualawlibrary
WHEREAS, to complement the development of the tourist industry in the
Philippines which has become one of the country's leading
foreign-exchange earners, there is likewise a need to provide for more
amusement and recreation places that can serve as additional tourist
attractions for foreign visitors;chanroblesvirtualawlibrary
WHEREAS, to prevent the proliferation of illegal casino/s or club/s
conducting games of chance in the rampant manner they were being
undertaken before the advent of the New Society with no benefit or
advantage to the government, there is a compelling need for the
government to now intervene and institute thru an appropriate
instrumentality the centralization of all games of chance authorized to
be conducted throughout the Philippines for more effective control,
direction and supervision: ICTHDE
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
order and decree the creation and organization of a Philippine
Amusements and Gaming Corporation, to be governed by this decree and
its by-laws in accordance with the following:cralaw:red
Section 1. Declaration of Policy. — It is hereby
declared to be the policy of the state to centralize and integrate all
games of chance not heretofore authorized by existing franchises or
permitted by laws in order to attain the following
objectives: AaCEDS
1. To centralize and integrate the right and
authority to operate and conduct games of chance into one corporate
entity to be controlled, administered and supervised by the government;chanroblesvirtualawlibrary
2. To establish and operate clubs and casinos sports
gaming pools (basketball, football, etc.) and such other, for amusement
and recreation, including/games of chance, which may be allowed by law
within the territorial jurisdiction of the Philippines which will (1)
generate sources of additional revenue to fund infrastructure and
socio-civic projects, such as flood control programs, beautification,
sewerage and sewage projects, Tulungan ng Bayan Centers/Nutritional
Programs, Population Control and such other essential public services;
(2) create recreation and integrated facilities which will expand and
improve the country's existing tourist attractions; (3) minimize, if
not totally eradicate, the evils, mal-practices and corruptions that
normally are found prevalent in the conduct and operation of gambling
clubs and casinos without direct government involvement.
SCETHa
Section 2. Philippine Amusements and Gaming
Corporation (PAGCOR). — Creation and Purpose. To implement state policy
and pursue the objectives setforth in the preceding section, there is
hereby created a body corporate to be known as the Philippine
Amusements and Gaming Corporation, hereinafter referred to as the
"Corporation", which shall have its principal office in the Greater
Manila Area. The Corporation may establish such offices, agencies,
subsidiaries, or branches in the Philippines as its operations would
require and its Board of Directors may determine.
Section 3. Corporate Powers. — The Corporation shall
have the power:cralaw:red
(a) to prescribe its by-laws;chanroblesvirtualawlibrary
(b) to adopt, alter and use a corporate seal;chanroblesvirtualawlibrary
(c) to make contracts and to sue and be sued:cralaw:red
(d) to own real or personal property and to sell,
mortgage or otherwise dispose of the same;cETS
(e) to employ such officers and personnel as may be
necessary to carry on its business;chanroblesvirtualawlibrary
(f) to acquire, lease or maintain, whether on land,
water, orr, personal property and such other equipment and facilities
as may be necessary to carry out its purposes;chanroblesvirtualawlibrary
(g) to import, buy, sell, or otherwise trade or deal
in merchandise, goods, wares and objects of all kinds and descriptions
that may be necessary to carry out the purposes for which it has been
created;chanroblesvirtualawlibrary
(h) to enter into, make, perform, and carry out
contracts tracts of every kind and for any lawful purpose pertaining to
the business of the corporation, or in any manner incident thereto, as
principal agent or otherwise, with any person, firm, association, or
corporation; acHCSD
(i) to do anything and everything necessary,
desirable, convenient, appropriate, suitable or proper for the
accomplishment of any of the purposes or the attainment of any of the
objects or the furtherance of any of the powers herein stated, either
alone, or in association with other corporations, firms or individuals,
and to do every other act or thing incidental or pertaining to, or
growing out of, or connected with the aforesaid purposes, objects, or
powers, or any part thereof;chanroblesvirtualawlibrary
(j) to borrow money from local, or foreign sources as
may be necessary for its operation; DAcaIE
(k) to invest its funds as the corporation may deem
proper and necessary in any activity related to its principal
operations, including in any bonds or securities issued and guaranteed
by the Government of the Philippines;chanroblesvirtualawlibrary
(1) to establish and maintain clubs, casinos,
branches agencies or subsidiaries, or other units anywhere in the
Philippines as may be needed by the Corporation and reorganize or
abolish the same as it may deem proper;chanroblesvirtualawlibrary
(m) to perform such other functions as may be
provided by law.
Section 4. Authorized Capital Stock. — The
Corporation shall have a capital stock divided into one million voting
and no par value shares, to be subscribed, paid for and voted as
follows:cralaw:red
(a) 600,000 shares of stock to be subscribed and paid
for by the government of the Republic of the Philippines at an original
issue value of P5.00 per share. DHITCc
(b) 400,000 shares remaining may be subscribed by
persons or entities acceptable to the Board of Directors at issue value
to be determined by such Board of Directors.
The voting power pertaining to shares of stock subscribed by the
Government of the Republic of the Philippines shall be vested in the
President of the Philippines or in such person or persons as he may
designate.
The voting power pertaining to shares of stock subscribed by private
persons or entities shall be vested in them. ACcaET
Section 5. Board of Directors. — The Corporation
shall be governed and its activities be directed, controlled and
managed by a Board of Directors that shall be composed of five (5)
ex-officio members, namely: (1) The Chairman of the National
Development Corporation, who shall act as Chairman; (2) The Secretary
of Public Works; (3) The Secretary of the Department of Social Welfare;
and two other members to be appointed by the President of the
Philippines.
The two appointive directors shall each serve for a term of two (2)
years or until their successors shall have been appointed and qualified.
Section 6. Functions and Duties of the Board of
Directors. —chanroblesvirtualawlibrary
1. The Board shall allocate and distribute, with the
approval of the President, the earnings of the Corporation earmarked to
finance infrastructure and socio-civic projects.
2. The Board shall designate the private/commercial
bank that shall act as the Depository Bank of the Corporation and/or
the Trustee of the funds of the Corporation.
3. The Board shall prepare and approve at the
beginning of each calendar year the budget that may be necessary under
any franchise granted to it, to insure the smooth operation of the
Corporation; it shall also have the right to evaluate and approve
budgets submitted to it by other corporations or entities with which it
might have any existing contractual arrangements.
4. The Board shall submit to the President before the
end of February of each year a list of all infrastructure and/or
socio-civic projects that might have been financed from the
Corporation's earnings. It shall likewise submit such periodic or other
reports as may be required of it from time to time.
Section 7. Auditor. — The Commission on Audit shall
appoint, subject to the approval of the Board, a representative who
shall be the Auditor of the Corporation and such personnel as may be
necessary to assist said representative in the performance of his
duties. The salaries of the Auditor and his staff shall be fixed by the
Chairman of the Commission on Audit, with the advice of the Board, and
said salaries and other expenses for the auditor's Office shall be paid
by the Corporation. IHAcCS
Section 8. Exemptions. — All positions of the
Corporation, whether technical, administrative, professional, or
managerial, are exempt from the provisions of the Civil Service Law and
the rules and regulations of the Wage and Position Classification
Office and shall be governed only by the personnel management policies
set by the Board of Directors.
Section 9. Repealing Clause. — All laws, decrees,
executive orders, administrative orders, rules or regulations
inconsistent herewith are hereby repealed, amended or modified
accordingly. IaHAcT
Done in the City of Manila,
this 1st day of January, in the year of Our Lord, nineteen hundred and
seventy-seven.
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