Presidential Decree No. 781 (PD 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 Philippines do hereby decree and order the following as part of the
law of the land:
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 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
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
