AN ACT AUTHORIZING THE DEVELOPING, EXPLOITATION AND UTILIZATION OF MINERAL DEPOSITS IN THE SURIGAO MINERAL RESERVATION BY PRIVATE PERSON AND FOR OTHER PURPOSES.

• Number: Presidential Decree No. 958
• Sections: 5

Preamble

WHEREAS, there is an urgent need to maximize the development

and utilization of mineral deposits in the Surigao Mineral Reservation in order

to take advantage of the increased world-wide demand for mineral resources;

WHEREAS, the immediate development of the Surigao Mineral

Reservation will substantially help the Government in the generation of

much-needed foreign exchange in the face of international economic recession

brought about by the energy crises;

WHEREAS, there is a need to modify and rationalize

Government policy in the development of the Surigao Mineral Reservation towards

giving more opportunity to private enterprises which are willing to take the

risk and can generate adequate technical and financial resources for mineral

development purposes.

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

Philippines, toy virtue of the powers vested in me by the law, hereby decree as

follows:

Section 1

SECTION 1. The provisions of Republic Act No. 1828 and any

law to the contrary notwithstanding, the President of the Philippines is hereby

authorized to allow the development, exploitation and utilization of the mineral

deposits in the Surigao Mineral Reservation and the processing and disposition

of the mineral that may be produced therefrom by any citizen, corporation or as

sociation qualified under the Constitution, for a period of not more than

twenty-five (25) years, renewable for another twenty-five (25) years.

Section 2

SEC. 2. The grant of authority to develop, exploit and

utilize mineral deposits in the Surigao Mineral Reservation shall, for purposes

of this Decree, be issued by the Secretary of Natural Resources subject to the

approval of the President of the Philippines. The provisions of Commonwealth Act

No. 137 as amended, shall apply to the grantee only in so far as the fees and

taxes due the government are therein specified, the provisions of law to the

contrary notwithstanding.

Section 3

SEC. 3. All laws, decrees, orders and proclamations, rules

and regulations inconsistent herewith are hereby repealed or amended

accordingly.

Section 4

SEC. 4. This Decree shall take effect immediately.

Done in the City of Manila this 14th day of July, in the year of Our Lord

nineteen hundred and seventy-six.

(Sgd.) FERDINAND E. MARCOS

President of the

Philippines

By the President:

(Sgd.) JACOBO C. CLAVE

Presidential

Assistant