FURTHER REVISING THE CHARTER OF THE NATIONAL DEVELOPMENT COMPANY AND FOR OTHER PURPOSES.

• Number: Presidential Decree No. 1787
• Sections: 5

Preamble

WHEREAS, there are priority projects that need to be

undertaken in order to accelerate national economic development;

WHEREAS, the National Development Company is a major

corporate vehicle of the Government empowered to engage or invest in commercial,

industrial, agricultural, mining, and other enterprises where government

investment in necessary to foster economic development;

WHEREAS, in the pursuit of these objectives, it is necessary

that the National Development Company act expeditiously and with the highest

degree of efficiency and competence;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the

Republic of the Philippines, by virtue of the powers vested in me by the

Constitution, do hereby decree and make part of the law of the land, the

following:

Section 1

SECTION 1. Section Six of Presidential Decree No. Sixteen

Hundred Forty Eighty is hereby amended to read as follows:

“SEC. 6. Governing Body. The Company shall be governed by a

Board of Directors, hereinafter referred to as the “Board” which shall be

composed of the Minister of Industry, as Chairman, and of the Minister of

Finance, the Minister of Energy, the Chairman of the Development Bank of the

Philippines, the General Manager of the Company, and two (2) representatives of

the private sector appointed by the President, as members.

The Board shall have the following powers:

to formulate policies, rules and regulations to carry out effectively the

functions and purposes of the Company;

to direct the management, operations, and administration of the Company;

to authorize such expenditures by the Company as are in the interest of the

effective administration and operation of the Company;

to appoint, fix the remuneration and other emoluments, and remove personnel

and consultants of the Company; Provided, That the Board shall have exclusive

and final authority to promote, transfer, assign or reassign personnel of the

Company and these personnel actions are deemed made in the interest of the

service and not disciplinary, any provision of existing law to the contrary

notwithstanding;

to exercise such other powers as may be necessary to accomplish the purposes

for which the Company was organized.”

Section 2

SECTION 2. Section Eleven of Presidential Decree No. Sixteen

hundred Forty Eight is hereby amended to read as follows:

“SEC. 11. Compensation Law. For the purpose of determining

the compensation of its officers and employees, and for the purposes of

Presidential Decree No. 985 and Civil Service requirements, the Company shall be

considered as a government financial institution, such as the Central Bank and

the Development Bank of the Philippines; Provided, That the appointment and

compensation of personnel and consultants whose positions are policy

determining, primarily confidential, or considered by the Board as highly

technical in nature as recommended by the Chairman of the Company, shall be

decided by the Board, any provisions of existing law to the contrary

notwithstanding.”

Section 3

SECTION 3. All laws, decrees, proclamations, executive

orders, instructions, rules or regulations, or parts thereof, which are

inconsistent with the provisions of this Decree are hereby repealed and/or

modified accordingly.

Section 4

SECTION 4. This Decree shall take effect immediately.

Done in the City of Manila, this 15th day of January, in the Year of Our

Lord, Nineteen Hundred and Eighty-One.

(Sgd.) FERDINAND E. MARCOS

President of the

Philippines

By the President:

(Sgd.) JUAN C. TUVERA

Presidential Executive Assistant

Vol. 25, Vital Documents, Presidential Decree 1980-1981