Extending Up To August 15, 1977, The Deadline For The Filing In Calendar Year 1977 Of The Sworn Statements Of The True Value Of Real Property

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M a n i l a

PRESIDENTIAL DECREE No. 1169

INCREASING THE CAPITALIZATION OF THE NATIONAL DEVELOPMENT COMPANY, APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES

WHEREAS, in line with the objectives of the Government to establish a copper smelter and refinery in the country, a joint investment venture has been concluded pursuant to a memorandum of agreement signed on June 14, 1976, between a consortium of Philippine copper mining companies and the Government as represented by the Presidential Advisory Committee on the Copper Industry;

WHEREAS, the National Development Company by virtue of its charter is the proper corporate government vehicle to represent the government in this joint investment venture;

WHEREAS, the government's equity participation in the copper smelter project will contribute in a large measure to the attainment of the national development goals;

WHEREAS, in order to ensure effective government participation in the project, there is need to strengthen the National Development Company;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by...

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Summary of Presidential Decree No. 1169

Increasing the Capitalization of the National Development Company
- The authorized capital of the National Development Company is increased to Four Hundred Fifty Million Pesos (P450,000,000.00), with the additional capitalization fully subscribed by the National Government. (Section 1)
- Two Hundred Ten Million Pesos (P210,000,000.00) of the additional capitalization shall be used as equity participation in the copper smelter project of the Philippine Associated Smelting and Refining Corporation (PASAR). (Section 1)

Appropriation of Funds
- Two Hundred Fifty Million Pesos (P250,000,000.00) is appropriated from the National Treasury to pay for the additional capital subscription. (Section 2)
- Fifty Million Pesos (P50,000,000.00) shall be released in Calendar Year 1977 for the equity contribution to the copper smelter project. (Section 2)
- Subsequent releases for the copper smelter project shall be made from time to time in accordance with a schedule of equity payments as recommended by the Presidential Advisory Committee on the Copper Industry and approved by the President of the Philippines. (Section 2)

Role of the National Development Company
- The National Development Company shall exercise all the rights, privileges, powers, and duties as a stockholder in the copper smelter project, as provided by the Presidential Advisory Committee on the Copper Industry. (Section 3)
- All dividends and moneys representing returns on investments in the copper smelter project shall be remitted by the National Development Company to the National Treasury. (Section 3)

Repealing Clause and Effectivity
- Any law, decree, order, rule, or regulation inconsistent with this decree is hereby repealed or amended accordingly. (Section 4)
- This decree shall take effect immediately. (Section 5)