SEC. 21. OPSF Balance. -All outstanding claims against OPSF as of the effectivity of this Act, subject to the existing auditing rules and regulations of the Commission on Audit (COA), shall be considered as accounts payable of the National Government. For this purpose, and any law to the contrary notwithstanding, the reimbursement certificates issued by the DOE covering the said outstanding claims shall be honored and accepted by the Bureau of Customs and the Bureau of Internal Revenue as payment to the extent of ten percent (10%) per payment of the tariff duties and specific taxes due from the creditor-claimants against the OPSF until such claims are settled in full: Provided, That the reimbursement certificates shall not be transferable.
Initial Public Offering.
SEC. 22. Initial Public Offering. - In compliance with the constitutional mandate to encourage private enterprises to broaden their base of ownership and in recognition of the vital role of oil in the national economy, any person or entity engaged in the oil refinery business shall make a public offering through the stock exchange of at least ten percent (10%) of its common stock within a period of three (3) years from the effectivity of this Act or the commencement of its refinery operations: Provided, That no single person or entity shall be allowed to own more than five percent (5%) of the stock offering: Provided, further, That any crude oil refining company and any stockholder thereof shall not acquire, directly or indirectly, any share of stock offered by any other crude oil refining company pursuant to this Section: Provided, finally, That any such company which made the requisite public offering before the effectivity of this Act shall be exempted from the requirement.
Implementing Rules and Regulations.
SEC. 23. Implementing Rules and Regulations. - The DOE, in coordination with the Board, the DENR, DFA, Department of Labor and Employment (DOLE), Department of Health (DOH), DOF, DTI, National Economic and Development Authority (NEDA) and TLRC, shall formulate and issue the necessary implementing rules and regulations within sixty (60) days after the effectivity of this Act.
Penal Sanction.
SEC. 24. Penal Sanction. - Any person who violates any of the provision of this Act shall suffer the penalty of three (3) months to one (1) year imprisonment and a fine ranging from Fifty thousand pesos (P50,000) to Three hundred thousand pesos (P300,000).
Public Information Campaign.
SEC. 25. Public Information Campaign. - The DOE, in coordination with the Board and the Philippine Information Agency (PIA), shall undertake an information campaign to educate the public on the deregulation program of the Industry.
Budgetary Appropriations.
SEC. 26. Budgetary Appropriations. - Such amount as may be necessary to effectively implement this Act shall be taken by the DOE from its annual appropriations, the DOE's Special Fund created under Section 8 of Presidential Decree No. 910, as amended, and such amount allocated under Section 10 of this Act.
Separability Clause.
SEC. 27. Separability Clause. - If, for any reason, any section or provision of this Act is declared unconstitutional or invalid, such parts not affected thereby shall remain in full force and effect.
SEC. 28. Repealing Clause. -All laws, presidential decrees, executive orders, issuances, rules and regulations or parts thereof, which are inconsistent with the provisions of this Act are hereby repealed or immediately modified accordingly.
Effectivity.
SEC. 29. Effectivity. - This Act shall take effect upon its complete publication in at least two (2) newspapers of general circulation.
Approved: February 10, 1998
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
