VESTING THE ADMINISTRATION AND OWNERSHIP IN FAVOR OF THE PHILIPPINE NATIONAL OIL COMPANY OF THAT PARCEL OF LAND OF THE PUBLIC DOMAIN LOCATED AT LAMAO, LIMAY, BATAAN WHICH WAS RESERVED FOR INDUSTRIAL ESTATE PURPOSES PURSUANT TO PROCLAMATION NO. 361 DATED MARCH 6, 1968 AS AMENDED BY PROCLAMATION NO. 630 DATED NOVEMBER 29, 1969 AND FOR OTHER PURPOSES.

• Number: Presidential Decree No. 949
• Sections: 6

Preamble

WHEREAS, the establishment, development and operation of a

petrochemical complex and related industries in a petrochemical site is

vital to economic and industrial development;

WHEREAS, the efficient implementation of this objective in

that site at Lamao, Limay, Bataan, more specifically described in

Proclamation No. 361 dated March 6, 1968 as amended by Proclamation No.

630 dated November 29, 1969 can best be achieved thru an entity equipped

and competent to pursue in earnest such an undertaking;

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

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

do hereby decree and order:

Section 1

SECTION 1. The administration, management, and ownership of

that parcel of land of the public domain located at Lamao, Limay, Bataan

which is reserved for industrial estate purposes and more particularly

described in Presidential Proclamation No. 361 dated March 6, 1968 as

amended by Proclamation No. 630 dated November 29, 1969, subject to

private rights, if any, which shall be the subject of expropriation, is

hereby transferred to the Philippine National Oil Company (PNOC) in full

and absolute ownership for the nominal sum of One Peso; Provided,

that, the Philippine Explosives Corporation, now operating therein

shall be allowed to continue with its usual business operations,

transactions and activities as authorized by law subject to such rules

and regulations as PNOC may prescribe. The Bureau of Lands shall survey

and fix the permanent boundaries of the aforementioned parcel of land of

the public domain.

Section 2

SEC. 2. The Philippine National Oil Company shall manage,

operate and develop the said parcel of land as a petro-chemical

industrial zone and will establish, develop and operate or cause the

establishment, development and operation thereat of petrochemical and

related industries by itself or its subsidiaries or by any other entity

or person it may deem competent alone or in joint venture; Provided,

that, where any petrochemical industry is operated by private entities

or persons, whether or not in joint venture with the Philippine National

Oil Company or its subsidiaries, the Philippine National Oil Company

may lease, sell and/or convey such portions of the petrochemical

industrial zone to such private entities or persons.

Section 3

SEC. 3. The Philippine National Oil Company shall

prescribe such rules and regulations as shall be necessary in the

establishment, management, operation and development of the

petrochemical industrial zone.

Section 4

SEC. 4. All laws, decrees, executive orders,

proclamations, rules and regulations inconsistent herewith are hereby

repealed and/or modified accordingly.

Section 5

SEC. 5. This decree shall take effect immediately.

Done in the City of Manila this 17th day of June in the year

of Our Lord, nineteen hundred and seventy-six.

(Sgd.)

FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.)

JACOBO C. CLAVE

Presidential Executive Assistant