EXECUTIVE ORDER NO. 645 January 29, 1981
ABOLISHING THE NATIONAL FERTILIZER CORPORATION OF THE PHILIPPINES AND TRANSFERRING ITS FUNCTIONS AND APPROPRIATIONS TO THE NATIONAL DEVELOPMENT COMPANY
WHEREAS, Presidential Decree No. 992 created the National Fertilizer Corporation of the Philippines primarily for investments in ASEAN fertilizers projects;
WHEREAS, subsequently Presidential Decree No. 1648 reorganized the National Development Company and authorized said company to invest in ASEAN projects;
WHEREAS, to date, equity contributions from the government in the National Fertilizer Corporation of the Philippines for 1979 and 1980 amounted to P18,544,000 for investments in the ASEAN Urea Projects of Indonesia and Malaysia;
WHEREAS, Batas Pambansa Blg. 80 provides for an appropriation of P200,000,000 for 1981 for the National Fertilizer Corporation of the Philippines for additional investments in the aforesaid ASEAN projects;
WHEREAS, it would be desirable to consolidate investments in all ASEAN projects in the National Development Company, which is the government's investing arm for industrial development projects.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by...
Details
n/a
n/a
Executive Orders
Abolishing the National Fertilizer Corporation of the Philippines and Transferring Its Functions and Appropriations to the National Development Company
Executive Order No. 645
ABOLISHING THE NATIONAL FERTILIZER CORPORATION OF THE PHILIPPINES AND TRANSFERRING ITS FUNCTIONS AND APPROPRIATIONS TO THE NATIONAL DEVELOPMENT COMPANY
- Background:
- Presidential Decree No. 992 created the National Fertilizer Corporation of the Philippines (NFCP) primarily for investments in ASEAN fertilizer projects. (Whereas clause)
- Presidential Decree No. 1648 reorganized the National Development Company (NDC) and authorized it to invest in ASEAN projects. (Whereas clause)
- The government contributed P18,544,000 to NFCP in 1979 and 1980 for investments in ASEAN Urea Projects of Indonesia and Malaysia. (Whereas clause)
- Batas Pambansa Blg. 80 appropriated P200,000,000 for 1981 for NFCP for additional investments in the same ASEAN projects. (Whereas clause)
- It is desirable to consolidate investments in all ASEAN projects in NDC, which is the government's investing arm for industrial development projects. (Whereas clause)
- Provisions:
- The National Fertilizer Corporation of the Philippines created by Presidential Decree No. 992 is abolished. (Section 1)
- All the equity contributions of the national government in NFCP are transferred to NDC as additional equity. (Section 1)
- The appropriation of P200,000,000 for 1981 provided in Batas Pambansa Blg. 80 for NFCP is to be released to NDC as additional equity of the national government in NDC. (Section 2)
- The Executive Order takes effect immediately. (Section 3)
- Background:
- Presidential Decree No. 992 created the National Fertilizer Corporation of the Philippines (NFCP) primarily for investments in ASEAN fertilizer projects. (Whereas clause)
- Presidential Decree No. 1648 reorganized the National Development Company (NDC) and authorized it to invest in ASEAN projects. (Whereas clause)
- The government contributed P18,544,000 to NFCP in 1979 and 1980 for investments in ASEAN Urea Projects of Indonesia and Malaysia. (Whereas clause)
- Batas Pambansa Blg. 80 appropriated P200,000,000 for 1981 for NFCP for additional investments in the same ASEAN projects. (Whereas clause)
- It is desirable to consolidate investments in all ASEAN projects in NDC, which is the government's investing arm for industrial development projects. (Whereas clause)
- Provisions:
- The National Fertilizer Corporation of the Philippines created by Presidential Decree No. 992 is abolished. (Section 1)
- All the equity contributions of the national government in NFCP are transferred to NDC as additional equity. (Section 1)
- The appropriation of P200,000,000 for 1981 provided in Batas Pambansa Blg. 80 for NFCP is to be released to NDC as additional equity of the national government in NDC. (Section 2)
- The Executive Order takes effect immediately. (Section 3)