Presidential Decree
No. 8
DECREEING THE LAW TO GOVERN OIL
EXPLORATION AND DEVELOPMENT
WHEREAS, the discovery and the
development of the country’s indigenous petroleum
resources are vital to the overall national development program;
WHEREAS, in view of
the huge amount of capital and investment and the technology and experience
required in oil exploration, and of the fact that such capital, technology and
experience are not available within the country, it is necessary that foreign
companies which have the capital, the technology and the experience should be
attracted into exploring and developing the country’s oil resources, either in
partnerships or joint ventures with the Government or the private sector;
WHEREAS, given the constraints of
existing laws, the foreign oil exploration companies have not been sufficiently
attracted into coming in and investing in oil exploration ventures;
WHEREAS, there was pending before
Congress before the promulgation of Proclamation No. 1081, dated September 21,
1972, an oil exploration measure entitled “AN ACT TO PROMOTE THE DISCOVERY AND
PRODUCTION OF INDIGENOUS PETROLEUM AND APPROPRIATING FUNDS THEREFOR” and
dominated as Senate Bill No. 531, which I have certified as one of the urgent
measures necessitating immediate enactment;
WHEREAS, this measure is necessary to
the attainment of the objectives of this Government to create a new social and
economic order for the benefit of the country and its people;
NOW, THEREFORE, I,
FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers
vested in me by the Constitution as Commander-in-Chief of all the Armed Forces
of the Philippines, and pursuant to Proclamation No. 1081, dated September 21,
1972, and General Order No. 1, dated September 22, 1972, as amended, do hereby
order and decree that the above mentioned oil exploration measure entitled “AN
ACT TO PROMOTE THE DISCOVERY AND PRODUCTION OF INDIGENOUS PETROLEUM AND
APPROPRIATING FUNDS THEREFOR” which is attached herewith and made a part
hereof, shall be, as it is hereby, adopted in
toto and shall henceforth be part of the law of
the land.
This decree shall take effect
immediately.
Done in the City of
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