Implementation of Full Deregulation.
SEC. 15. Implementation of Full Deregulation. – Pursuant to Section 5 (e) of Republic Act No. 7638, the DOE shall, upon approval of the President, implement the full deregulation of the downstream oil industry not later than March, 1997. As far as practicable, the DOE shall time the full deregulation when the prices of crude oil and petroleum products in the world market are declining and when the exchange rate of the peso in relation to the US dollar is stable. Upon the implementation of the full deregulation as provided herein, the transition phase is deemed terminated and the following laws are deemed repealed:
Republic Act No. 6173, as amended;
SEC. 16. Section 3 of Executive Order No. 172, is hereby amended to read as follows:
"SEC. 3. Jurisdiction, Powers and Functions of the Board. – The Board shall, upon proper notice and hearing, fix and regulate the rate of schedule or prices of piped gas to be charged by duly franchised gas companies which distribute gas by means of underground pipe system."
Foreign Exchange Forward Cover.
SEC. 17. Foreign Exchange Forward Cover. – Any law to the contrary notwithstanding and upon full deregulation, no foreign exchange forward cover shall be extended by the Government to any private importation of crude oil and petroleum products.
OPSF Balance.
SEC. 18. OPSF Balance. – Upon full deregulation, all outstanding claims during the transition phase against the OPSF shall be settled out of the One billion peso (P1,000,000,000) buffer fund and the balance, if any, shall be transferred to the General Fund.
CHAPTER IVFINAL PROVISIONS
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
