FURTHER AMENDING SECTION 17 OF PRESIDENTIAL DECREE NO. 87, AS AMENDED, OTHERWISE KNOWN AS THE "OIL EXPLORATION AND DEVELOPMENT ACT OF 1972."

• Number: Presidential Decree No. 781
• Sections: 3

Preamble

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 Philippines do hereby decree and order the following as part of the

law of the land:

Section 1

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."

Section 2

SEC. 2. This Decree shall take effect upon its approval.

Done in the City of Manila, this 25th day of August, in the year

of Our Lord, nineteen hundred and seventy-five.

(Sgd.)

FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.)

ROBERTO V. REYES

Acting Executive Secretary