WHEREAS,
the present world-wide energy crisis underscores the critical
need for the development of local indigenous energy sources:
geothermal, coal, hydro and nuclear power; chanroblesvirtualawlibrary
WHEREAS, the National Power Corporation is the primary agency of
the Government called upon to undertake the development of
hydroelectric generation of power and the production of
electricity from nuclear, geothermal and other sources as well as
transmission of electric power on a nationwide basis;chanroblesvirtualawlibrary
WHEREAS, under Presidential Decree No. 380 amending certain
sections of Republic Act No. 6395, entitled "An Act Revising the
Charter of the National Power Corporation", the NPC has an
authorized capital stock of P2 billion pesos fully subscribed by
the Government of which P818.3 million has been paid and except
for the conversion into equity capital of the existing
bonded indebtedness, cost of reparations goods that may be
allocated to the Corporation in the future, and surpluses of the
corporation, and in the absence thereof, from bond issues, there
is no appropriation provided for the continuous payment of
the balance of the unpaid subscription of the Government to the
capital stock of the Corporation; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the
Constitution do order and decree that: chanroblesvirtualawlibrary
Section 1. Section 5(b) of the Charter of the
National Power Corporation, Presidential Decree Numbered Three
Hundred Eighty, is hereby further amended to read as
follows: chanroblesvirtualawlibrary
"(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 [bond issue upon request of the
corporation for specific projects duly approved from time to time
by the President of the Philippines."] AN ANNUAL APPROPRIATION OF
NOT LESS THAN TWO HUNDRED MILLION PESOS WHICH IS HEREBY
MADE OUT OF 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 NOT LESS THAN 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. This Decree shall take effect immediately.
Done in the City of Manila,
this 31st of July in the year of Our Lord, nineteen hundred and
seventy-five.
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