Preamble
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: