EXECUTIVE ORDER NO. 756 December 28, 1981
AUTHORIZING THE REORGANIZATION OF THE PHILIPPINE INTERNATIONAL TRADING CORPORATION
WHEREAS it is the declared policy of the New Republic to pursue national economic development with renewed dedication and determination;
WHEREAS, there is need to strengthen the Philippine International Trading Corporation in accordance with its expanded role in the promotion and development of Philippine trade in complementation with efforts of the private sector;
WHEREAS, the PITC has been designated as a key agency for international marketing in connection with the KKK program;
WHEREAS, under Presidential Decree No. 1416 as amended, the Presidential is empowered to undertake such organizational and related improvements as may be appropriate in the light of changing circumstances and new developments;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the authority vested in me by Presidential Decree No. 1416 as amended, do hereby order and ordain;
Sec. 1. Subscription to Capital. The provisions of Section...
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Executive Orders
Authorizing the Reorganization of the Philippine International Trading Corporation
Executive Order No. 756
Summary of Executive Order No. 756
Subscription to Capital (Sec. 1):
- The 40% share (800,000 shares worth P80,000,000) in PITC's authorized capital stock allocated for the private sector is transferred to the National Development Company.
- The unsubscribed shares allocated to PNB and DBP amounting to P39,000,000 (390,000 shares) are also transferred to the National Development Company.
- The Budget Ministry is directed to release the unpaid balance of the National Government's share amounting to P74,000,000 to PITC.
Subsidiaries (Sec. 2):
- PITC may establish subsidiary companies, including joint ventures, as decided by the Board, with participation deemed necessary for performing its powers and functions.
- Such subsidiaries shall be entitled to incentives and privileges granted by law to private enterprises.
The Board of Directors (Sec. 3):
- PITC shall be governed by a Board of Directors composed of:
- Minister of Trade and Industry (Chairman)
- President of PITC (Vice-Chairman)
- Director-General of NEDA
- Minister of Agriculture
- Minister of Natural Resources
- Vice-Chairman of Board of Investments
- General Manager of National Development Company
- Representative from the Office of the President
- Chairman of Board of Governors of DBP
- President of PNB
- Representative from the private sector (appointed by the President)
- Board members may be represented by their designated representatives in meetings.
Powers of the Board (Sec. 4):
- To reorganize PITC's structure in accordance with its expanded role in trade development, with necessary officers and employees, and determine their competitive salaries, allowances, and benefits.
- To organize an Executive Committee to decide on urgent matters, subject to Board confirmation, or make corporate decisions by referendum or referral to individual Board members.
- To determine reasonable rates of per diems and allowances for Board members, officers, and employees for travel, overtime services, and other official business.
The President of the Corporation (Sec. 5):
- The President of PITC shall be appointed by the President of the Philippines.
Exemption from OCPC (Sec. 6):
- PITC shall continue to be exempt from the rules and regulations of the Office of the Compensation and Position Classification or similar agencies.
- Retiring, resigning, or separated employees shall be entitled to one month's pay for every year of service, computed at the highest salary received including allowances, in addition to other benefits provided by law, subject to certain conditions.
- Employees shall be entitled to full payment for commutation of leave credits, computed with all allowances at the time of resignation, retirement, or separation.
Incentive Scheme (Sec. 7):
- PITC is authorized to grant incentives to its officers, employees, and other persons deputized, detailed, or assigned to serve it.
- The incentives shall be drawn from gross income and commissions from marketing operations and other income, excluding income from money market placements.
- The total incentives granted in any year shall not exceed 5% of the income from marketing operations and other income, excluding money market placements, during that year.
- The distribution shall be as approved by the Board.
Deputization of Commercial Attaches (Sec. 8):
- PITC, in coordination with the Ministry of Trade and Industry, is authorized to deputize Commercial Attaches to act as its representatives in their respective areas of assignment.
- The deputized attaches shall initiate and pursue trade opportunities, follow up on pending business activities, keep PITC informed of market opportunities and developments, and perform other authorized activities.
- The attaches shall be directed by PITC and provided with appropriate support.
- The deputization shall be implemented in accordance with guidelines jointly adopted by PITC and the Ministry of Trade and Industry.
Franchise for Philippine Trade Houses (Sec. 9):
- The authority to grant franchises to operate and maintain Philippine Trade Houses abroad is vested in PITC.
- PITC shall determine the guidelines for the establishment and operation of the trade houses.
Inconsistent Laws (Sec. 10):
- Any provision of law, decree, order, or regulation inconsistent with this Order is deemed revised, amended, superseded, or repealed accordingly.
Effectivity (Sec. 11):
- This Order shall take effect immediately.
Subscription to Capital (Sec. 1):
- The 40% share (800,000 shares worth P80,000,000) in PITC's authorized capital stock allocated for the private sector is transferred to the National Development Company.
- The unsubscribed shares allocated to PNB and DBP amounting to P39,000,000 (390,000 shares) are also transferred to the National Development Company.
- The Budget Ministry is directed to release the unpaid balance of the National Government's share amounting to P74,000,000 to PITC.
Subsidiaries (Sec. 2):
- PITC may establish subsidiary companies, including joint ventures, as decided by the Board, with participation deemed necessary for performing its powers and functions.
- Such subsidiaries shall be entitled to incentives and privileges granted by law to private enterprises.
The Board of Directors (Sec. 3):
- PITC shall be governed by a Board of Directors composed of:
- Minister of Trade and Industry (Chairman)
- President of PITC (Vice-Chairman)
- Director-General of NEDA
- Minister of Agriculture
- Minister of Natural Resources
- Vice-Chairman of Board of Investments
- General Manager of National Development Company
- Representative from the Office of the President
- Chairman of Board of Governors of DBP
- President of PNB
- Representative from the private sector (appointed by the President)
- Board members may be represented by their designated representatives in meetings.
Powers of the Board (Sec. 4):
- To reorganize PITC's structure in accordance with its expanded role in trade development, with necessary officers and employees, and determine their competitive salaries, allowances, and benefits.
- To organize an Executive Committee to decide on urgent matters, subject to Board confirmation, or make corporate decisions by referendum or referral to individual Board members.
- To determine reasonable rates of per diems and allowances for Board members, officers, and employees for travel, overtime services, and other official business.
The President of the Corporation (Sec. 5):
- The President of PITC shall be appointed by the President of the Philippines.
Exemption from OCPC (Sec. 6):
- PITC shall continue to be exempt from the rules and regulations of the Office of the Compensation and Position Classification or similar agencies.
- Retiring, resigning, or separated employees shall be entitled to one month's pay for every year of service, computed at the highest salary received including allowances, in addition to other benefits provided by law, subject to certain conditions.
- Employees shall be entitled to full payment for commutation of leave credits, computed with all allowances at the time of resignation, retirement, or separation.
Incentive Scheme (Sec. 7):
- PITC is authorized to grant incentives to its officers, employees, and other persons deputized, detailed, or assigned to serve it.
- The incentives shall be drawn from gross income and commissions from marketing operations and other income, excluding income from money market placements.
- The total incentives granted in any year shall not exceed 5% of the income from marketing operations and other income, excluding money market placements, during that year.
- The distribution shall be as approved by the Board.
Deputization of Commercial Attaches (Sec. 8):
- PITC, in coordination with the Ministry of Trade and Industry, is authorized to deputize Commercial Attaches to act as its representatives in their respective areas of assignment.
- The deputized attaches shall initiate and pursue trade opportunities, follow up on pending business activities, keep PITC informed of market opportunities and developments, and perform other authorized activities.
- The attaches shall be directed by PITC and provided with appropriate support.
- The deputization shall be implemented in accordance with guidelines jointly adopted by PITC and the Ministry of Trade and Industry.
Franchise for Philippine Trade Houses (Sec. 9):
- The authority to grant franchises to operate and maintain Philippine Trade Houses abroad is vested in PITC.
- PITC shall determine the guidelines for the establishment and operation of the trade houses.
Inconsistent Laws (Sec. 10):
- Any provision of law, decree, order, or regulation inconsistent with this Order is deemed revised, amended, superseded, or repealed accordingly.
Effectivity (Sec. 11):
- This Order shall take effect immediately.