Presidential Decree No.
758
APPROPRIATING
FUNDS FOR THE PAYMENT OF THE BALANCE OF THE UNPAID SUBSCRIPTION OF THE
GOVERNMENT TO THE CAPITAL STOCK OF THE
NATIONAL
POWER CORPORATION
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;
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;
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 P 2
billion pesos fully subscribed by the Government of which P 818.3 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;
NOW,
THEREFORE, I, FERDINAND E. MARCOS, President of the
SECTION 1.
Section 5(b)
of the
Charter of the
National Power Corporation, as amended by
Presidential Decree Numbered Three Hundred Eighty, is
hereby further amended to read as follows:
(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.
SEC. 2. This
Decree shall take effect immediately.
Done
in the City of
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