Presidential
Decree No. 781
FURTHER AMENDING SECTION
17 OF
PRESIDENTIAL DECREE NO. 87, AS AMENDED, OTHERWISE
KNOWN AS THE “OIL EXPLORATION AND DEVELOPMENT ACT OF 1972”
WHEREAS,
in order to give impetus to the policy of the state to hasten the discovery and
production of indigenous petroleum through the utilization of government and/or
private resources,
Presidential Decree No. 87 was
amended by
Presidential Decree No. 469 to reconstitute
the membership of the Petroleum Board thereby providing a common forum for
coordinating at the policy level the activities and plans of the Petroleum
Board and the
Philippine National Oil Company,
the two principal agencies of the government responsible for carrying out the
aforesaid national policy;
WHEREAS,
it is advisable that the
President of the Philippine
National Oil Company should desist from acting as Chairman of the Petroleum
Board whenever matters involving the
Philippine
National Oil Company are being deliberated upon by the Board.
NOW,
THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by virtue of
the powers vested in me by the Constitution of the Philippine do hereby decree
and order the following as part of the law of the and:
SECTION
1. Section 17 of
Presidential
Decree No. 87, as amended, is hereby further amended by adding a second
paragraph which section shall read as follows:
“SEC. 17. There is hereby created a Petroleum Board
composed of the
President of the Philippine
National Oil Company, as Chairman and the
Secretary
of National Defense, the Executive Secretary, the
Secretary of Natural Resources, the
Secretary of Finance, the
Secretary of Justice, the
Secretary of Industry, the
Governor of the Central Bank and the
Director of Mines as members. The Board shall designate and appoint its
Executive Director.”
“The
President
of the Philippine National Oil Company shall relinquish the chairmanship of
the board and abstain from participating in the deliberations whenever matters
involving the
Philippine National Oil Company
directly or indirectly resulting in a conflict of interest are presented for
consideration of the Board. In such
cases, a temporary presiding officer shall be elected from the members of the
Board.”
SEC.
2. This Decree shall take effect upon
its approval.
Done
in the City of
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