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. 1360
PRESIDENTIAL DECREE NO. 1360 -
FURTHER AMENDING CERTAIN SectionS OF REPUBLIC ACT NUMBERED SIXTY-THREE
HUNDRED NINETY-FIVE ENTITLED "AN ACT REVISING THE CHAPTER OF THE
NATIONAL POWER CORPORATION," AS AMENDED BY PRESIDENTIAL DECREE NOS.
380, 395, 758 AND 938
|
chanroblesvirtualawlibrary
WHEREAS,
the accelerated expansion program of the National Power Corporation
involving as it does the construction of generation facilities in
Luzon, Visayas and Mindanao and the setting up of transmission line
grids require a greater degree of corporate flexibility in the
implementation of said power program as well as in corporate
management; chanroblesvirtualawlibrary
WHEREAS, in pursuing said accelerated power expansion program for
generation and transmission facilities, the present capitalization of
P8 Billion and the ceiling of foreign borrowing pegged at $4 Billion
would be rendered insufficient by the year 1987 and, therefor, a
corresponding increase thereon is necessary in order that such programs
would be successfully completed.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order and decree as follows:cralaw:red
Section 1. Section 5 of Republic Act Numbered
Sixty-Three Hundred Ninety-Five, as amended, is hereby amended with the
first and second paragraphs thereof duly revised to read as follows:cralaw:red
"Sec. 5. Capital Stock of the Corporation. — The
authorized capital stock of the Corporation shall be Fifty Billion
Pesos (P50,000,000,000.00) divided into Five Hundred Million
(500,000,000) shares having a par value of One Hundred Pesos each,
which shares are not to be transferred, negotiated, pledged, mortgaged,
or otherwise given as security for the payment of any obligation. The
sum of Three Hundred Million Pesos of said capital stock has been
subscribed and paid wholly by the Government of the Philippines in
accordance with the provisions of Republic Act Numbered four Thousand
Eight Hundred Ninety-Seven.
"The remaining Forty-Nine Billion Seven Hundred Million Pesos shall be
subscribed by the Government of the Republic of the Philippines and
shall be paid as follows:cralaw:red
"(a) The sum of Twenty-Nine Million Two Hundred
Sixty-Seven Thousand Six Hundred Pesos representing outstanding cost
and interest of reparation goods procured by the Corporation pursuant
to the provisions of Republic Act Numbered Seventeen Hundred
Eighty-Nine, shall be additional paid-in subscription of the Government
of the Philippines for Two Hundred Ninety-Two Thousand Six Hundred
Seventy-Six shares of stock of said capital stock.
"(b) The balance of said subscription shall be paid
by the conversion into equity capital of the existing bonded
indebtedness, cost of reparations goods that may be allocated in the
future, and surpluses of the Corporation and in the absence thereof,
from an annual appropriation of Two Hundred Million Pesos which is
hereby appropriated out of any funds in the National Treasury not
otherwise appropriated, be they collections from any or all taxes
accruing to the general fund or proceeds from loans, the issuance of
bonds, treasury bills or notes which are hereby authorized to be
incurred or to be issued by the Secretary of Finance for the purpose,
such annual appropriation to be programmed and released by the Budget
Commission in accordance with the schedule of cash requirements to be
submitted by the Corporation; Provided, that this annual appropriation
of Two Hundred Million Pesos and the programming and release thereof
shall remain in force until the balance of the unpaid subscription of
the Government to the capital stock of the Corporation shall have been
paid in full." chanroblesvirtualawlibrary
Section 2. Section 6 of the same Act is hereby
amended to read as follows:cralaw:red
"Sec. 6. The National Power Board; its composition;
compensation of members; qualifications; powers and duties. — The
corporate powers of the Corporation shall be vested in and exercised by
a Board of seven members consisting of a Chairman, Vice-Chairman and
five directors who shall be appointed by the President of the
Philippines.
"The President of the Corporations shall be the ex-officio
Vice-Chairman of the Board. chanroblesvirtualawlibrary
"The said members of the Board shall serve for terms of three years,
except that any person appointed to fill a vacancy shall serve only for
the unexpired term of the member whom he succeeds.
"The Board shall meet as often as may be necessary upon call of the
Chairman of the Board or upon call by a majority of all the Board
members.
The members of said Board shall receive a per diem of not to exceed
Five Hundred Pesos for each regular or special meeting of the Board
actually attended by them, and upon approval of the Secretary of
Energy, shall receive such other allowances as the Board may prescribe,
any provision of law to the contrary notwithstanding.
"A majority of the members of the Board shall constitute a quorum for
the transaction of business.
"The Board, shall, moreover, have the following specific powers and
duties:cralaw:red
"(a) To formulate and adopt policies and measures for
the management and operation of the Corporation;chanroblesvirtualawlibrary
"(b) To adopt an annual and supplemental budget of
receipts and expenditures of the Corporation according to its
requirements;chanroblesvirtualawlibrary
"(c) To organize, reorganize and determine the
Corporation's organization structure and staffing pattern; abolish and
create offices and positions; fix the number of its officers and
personnel; transfer and re-assign such officers and personnel; fix
their compensation, allowances and benefits, the provisions of
Presidential Decree No. 985 to the contrary
notwithstanding; chanroblesvirtualawlibrary
"(d) To fix the compensation of the President of the
Corporation who shall be appointed by the President of the Philippines;
and to appoint and fix the compensation of other corporate officers;chanroblesvirtualawlibrary
"(e) For cause, to suspend or remove any corporate
officer appointed by the Board;chanroblesvirtualawlibrary
"(f) To adopt and set down guidelines for the
employment of personnel on the basis of merit, technical competence and
moral character;chanroblesvirtualawlibrary
"(g) To take care that in fixing the rates and fees
to be charged by the Corporation considerations of adequacy,
reliability and sustained power service at the least possible cost to
the public and of limited return on investments as prescribed in
Section 5 hereof, shall be taken;chanroblesvirtualawlibrary
"(h) Any provision of law to the contrary
notwithstanding, to write off bad debts."
Section 3. Section 7 of the same Act is hereby
amended, to read as follows:cralaw:red
"Sec. 7. The President of the Corporation, his powers
and duties; and other Corporate Officers and employees of the
Corporation. — The President of the Corporation who shall be the Chief
Executive Officer of the Corporation, shall be assisted by such number
of Corporate Officers and employees as may be deemed necessary by the
Board of Directors of the Corporation.
"The President of the Corporation shall have the following powers and
duties: chanroblesvirtualawlibrary
"(a) To execute and administer the policies and
measures approved by the Board, and have the responsibility for the
efficient discharge of management functions;chanroblesvirtualawlibrary
"(b) To submit for the consideration of the Board
such policies and measures which he deems necessary to carry out the
purposes and provisions of this Act;chanroblesvirtualawlibrary
"(c) To direct and supervise the operation and
internal administration of the Corporation and, for this purpose, may
delegate some or any of his administrative responsibilities and duties
to other officers of the Corporation;chanroblesvirtualawlibrary
"(d) Subject to the guidelines and policies set up by
the Board, to appoint and fix the number and compensation of
subordinate officials and employees of the Corporation; and for cause,
to remove, suspend or otherwise discipline any subordinate employee of
the Corporation;chanroblesvirtualawlibrary
"(e) To prepare an annual report of the Board on the
activities of the Corporation at the close of each fiscal year and upon
approval thereof, submit a copy to the President of the Philippines and
to such other agencies as may be required by law;chanroblesvirtualawlibrary
"(f) To represent the Corporation in all dealings and
transactions with other offices, agencies and instrumentalities of the
Government and with all persons and other entities, private or public,
domestic or foreign; chanroblesvirtualawlibrary
"(g) To exercise such other powers and duties as may
be vested in him by the Board from time to time.
"The Commission on Audit shall appoint a representative who shall be
the Auditor of the Corporation. In carrying out his responsibilities,
he shall be assisted by such number of personnel as shall be necessary,
whose appointments shall be subject to the approval of the Board. The
salaries of the Auditor and his staff shall be fixed and approved by
the Board."
Section 4. Section 8 of the same Act is hereby
amended to read as follows:cralaw:red
"(a) Domestic Indebtedness. — Whenever the Board
deems it necessary for the Corporation to incur indebtedness by
contracting loans with domestic financial institutions or to issue
bonds to carry out the purposes for which the Corporation has been
organized, it shall, by resolution, approved by at least four members
of the Board, so declare and state the purpose for which the proposed
debt is to be incurred and such terms and conditions as it shall deem
appropriate for the accomplishment of the said purpose; Provided, that
in the case of bond issues, the same shall be subject to the approval
of the President of the Philippines upon recommendation of the
Secretary of Finance.
"The bonds issued under the authority of this subsection shall be
exempt from the payment of all taxes by the Republic of the
Philippines, or by any authority, branch, division or political
subdivision thereof of which facts shall be stated upon the face of
said bonds. Said bonds shall be receivable as security in any
transaction with the Government in which such security is
required. chanroblesvirtualawlibrary
"The Republic of the Philippines hereby guarantees the payment by the
Corporation of both the principal and the interest of the bonds issued
by said Corporation by virtue of this Act, and shall pay such principal
and interest in case the Corporation fails to do so, and there are
hereby appropriated, out of the general funds in the National Treasury
not otherwise appropriated, the sums necessary to make the payments
guaranteed by this Act; Provided, That the sums so paid by the Republic
of the Philippines shall be refunded by the Corporation; Provided,
further, That the Corporation shall set aside five per centum of its
annual net operating revenues before interests as a reserve or sinking
fund to answer for amounts advanced to it by the National Government
for any loan, credit and indebtedness contracted by the former for
which the latter shall be answerable as primary obligor or guarantor
under the provisions of this Act; Provided, furthermore, That the
setting aside of the amounts mentioned herein shall automatically cease
the moment the accumulated sinking fund or reserve exceeds the amounts
advanced to the Corporation by the National Government under this Act;
And, Provided, finally, That the Corporation may periodically make
partial payments to the National Government out of the said reserves.
"(b) Foreign Loans. — The Corporation 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 institution or fund
source, or to issue bonds, in such amount and in any foreign currency
on such terms and conditions as 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 President of the Philippines, by himself, or through his
authorized representative, is hereby authorized to negotiate and
contract with foreign governments or any international financial
institutions or fund sources, in the name and on behalf of the
Corporation, one or several loans, for the purpose of assisting in the
reconstruction, or promoting the development of the economy of the
country.
"The President of the Philippines, by himself, or through his duly
authorized representative, is hereby further authorized to guarantee,
absolutely and unconditionally as primary obligor and not as surety
merely, in the name and on behalf of the Republic of the Philippines,
the payment of the loans, credits, indebtedness and bonds issued up to
the amount herein authorized, which shall 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
Corporation 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.
"In the contracting of any loan credit or indebtedness under this Act,
the President of the Philippines may, when necessary agree to waive or
modify the application of any law granting preferences or imposing
restrictions on international competitive bidding, including among
others, Act Numbered Four Thousand Two Hundred Thirty-Nine,
Commonwealth Act Numbered One Hundred Thirty-Eight, the provisions of
Commonwealth Act Numbered Five Hundred Forty-One, Republic Act Numbered
Five Thousand One Hundred Eighty-Three, insofar as such provisions do
not pertain to constructions primarily for national defense or security
purposes; Provided, however, That as far as practicable, utilization of
the services of qualified domestic firms in the prosecution of projects
financed under this Act shall be encouraged: Provided, further, That in
case where international competitive bidding shall be conducted
preference of at least fifteen per centum shall be granted in favor of
articles, materials or supplies of the growth, production of
manufacture of the Philippines, Provided, finally, That the method and
procedure in the comparison of bids shall be the subject of agreement
between the Philippine Government and the lending
institution. chanroblesvirtualawlibrary
"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 Corporation, paid from the proceeds of any loan,
credit or indebtedness incurred under this Act, shall also be exempt
from all direct and indirect taxes, fees, imposts, 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 5. A new section shall be inserted to be
known as Section 160-A of the same Act, to read as follows:cralaw:red
"Section 16-A. Transitory Provisions:cralaw:red
"(a) The word "President" in Section 3(k) of this Act
shall refer to the President of the Philippines; chanroblesvirtualawlibrary
"(b) The phrase "General Manager of the Corporation"
in this Act, as amended, shall mean the President of the Corporation;
And further, the phrase "Regional Manager" in this Act, shall mean
Corporate Officer;chanroblesvirtualawlibrary
"(c) Until the President of the Philippines appoints
the President of the Corporation, the incumbent General Manager of the
Corporation shall, as may be determined by the Board, either act as
President of the Corporation or hold such office with such duties and
responsibilities as shall be determined by the Board; Provided, That,
upon the assumption of office by the President of the Corporation
appointed by the President of the Philippines, said incumbent General
Manager of the Corporation shall without any diminution in salary,
allowances and benefits, hold such office and perform such duties and
responsibilities as shall be determined by the Board." chanroblesvirtualawlibrary
Section 6. Repealing Clause. All laws, decrees,
executive orders, administrative orders, rules and regulations
inconsistent herewith are hereby repealed, amended or modified
accordingly.
Section 7. This Decree shall take effect immediately.
Done in the City of Manila,
this 25th day of April, in the year of Our Lord, nineteen hundred and
seventy-eight.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|