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This page features the full text of
Republic Act No. 6952
AN
ACT ESTABLISHING THE PETROLEUM PRICE STANDBY FUND TO SUPPORT THE OIL
PRICE
STABILIZATION FUND (OPSF), AND APPROPRIATING FUNDS THEREFOR.
REPUBLIC
ACT NO. 6952
AN
ACT ESTABLISHING THE PETROLEUM PRICE STANDBY FUND TO SUPPORT THE OIL
PRICE
STABILIZATION FUND (OPSF), AND APPROPRIATING FUNDS THEREFOR.
Section
1. The Petroleum Price Standby
Fund is hereby established to support the Oil Price Stabilization Fund
(OPSF) to cover claims arising from transactions up to November 30,
1989
and, whenever feasible, to maintain oil prices at December 1, 1989
retail/pump
price level. The Fund shall be deposited in the National Treasury and
administered
by the Office of the President. The administration, utilization, and
disposition
of the Petroleum Price Stand-by Fund herein established shall be
subject
to the audit jurisdiction of the Commission on Audit (COA) which shall
promulgate the necessary accounting and auditing rules and regulations
to carry out the provisions of this Act.
Sec.
2. Application of the Fund shall
be subject to the following conditions:chanrobles virtuallaw libraryred
(1) That
the Fund shall be used to reimburse the oil companies for: (a) cost
increases
of imported crude oil and finished petroleum products resulting from
foreign
exchange rate adjustments and/or increases in world market prices of
crude
oil; (b) cost underrecovery incurred as a result of fuel oil sales to
the
National Power Corporation (NPC); and (c) other cost underrecoveries
incurred
as may be finally decided by the Supreme Court; (2) That
the return on investment of the oil companies does not exceed twelve
percent
(12%); and chanrobles virtuallaw libraryred
(3) That
no amount of the Petroleum Price Standby Fund shall be used to pay any
oil company which has an outstanding obligation to the Government
without
said obligation being offset first, subject to the requirements of
compensation
or offset under the Civil Code.
Sec.
3. The amount of Five billion
pesos (5,000,000,000.00) is hereby appropriated for this purpose which
shall be sourced from excess revenues from ad valorem tax and/or import
duty on crude oil and finished petroleum products, incremental
dividends
and receipts from government corporations and overall savings of the
National
Government. Any claims against the Fund in excess of Five billion pesos
(P5,000,000,000.00) shall be sourced from the 1991 budget.chanrobles virtual law library
Sec.
4. The Department of Finance
and Department of Budget and Management shall prescribe the necessary
rules
and regulations to implement this Act. chanrobles virtuallaw libraryred
Sec.
5. The Department of Budget and
Management shall, within ten (10) days after the end of each month,
submit
to Congress a monthly report on the releases to each oil company and
outstanding
balance of the Fund.chanrobles virtuallaw libraryred
Sec.
6. This Act shall take effect
upon its publication in at least two (2) newspapers of general
circulation. chanrobles virtuallaw libraryred
Approved:
May 17, 1990
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