Further Amending The Charter Of The Philippine National Oil Company (PNOC) As Provided For In Presidential Decree No. 334, As Amended, And For Other Purposes
Download as PDF
Download as Word
Collections
Create new Collection
Overview
Full Text
Details
Case
Agency Issuance Number
Published Date
Further Amending The Charter Of The Philippine National Oil Company (PNOC) As Provided For In Presidential Decree No. 334, As Amended, And For Other Purposes
Presidential Decree No. 927
April 30, 1976
Case Overview and Summary
Summary of Presidential Decree No. 927Declaration of Policy (Sec. 2):
- Promote industrial and economic development through effective utilization of energy.
- Assure adequate supply of oil, petroleum products, power, and energy.
Creation, Name, Domicile, and Term (Sec. 3):
- Creates the Philippine National Oil Company (PNOC) as a corporate body.
- Defines "oil or petroleum operations" and "energy resources exploitation".
- Principal office determined by the Board of Directors.
- Term of 50 years, renewable for another 50 years.
Purposes (Sec. 4):
- Provide and maintain adequate and stable supply of oil and petroleum products. (Sec. 4a)
- Promote exploration, exploitation, and development of local oil, petroleum, and other energy resources. (Sec. 4b)
- Foster conditions conducive to balanced and sustainable economic growth related to oil, petroleum, and energy operations. (Sec. 4c)
Powers and Functions (Sec. 5):
- Undertake exploration, exploitation, and development of all energy resources in the country. (Sec. 5a)
- Establish and maintain petroleum and energy base territories with duty-free ports, airports, telecommunications, power, and water supply. (Sec. 5b)
- Lease portions of the petroleum and energy base to private entities for warehousing, logistical centers, fabrication, repair facilities, and personnel housing. (Sec. 5c)
- Undertake all forms of petroleum or oil operations and energy resources exploitation. (Sec. 5d)
- Enter into contracts, with or without public bidding, for various aspects of oil, petroleum, and energy operations. (Sec. 5e)
- Borrow money from local and foreign sources for operations. (Sec. 5f)
- Invest funds in any activity related to its purposes, including government bonds and securities, and organize subsidiary corporations. (Sec. 5g)
- Purchase, hold, alienate, mortgage, pledge, or dispose of shares and securities of other corporations. (Sec. 5h)
- Hold lands and acquire rights over mineral lands in excess of statutory limits for private entities. (Sec. 5i)
- Engage in export and import business of oil, petroleum, energy, and derivatives. (Sec. 5j)
- Acquire and dispose of assets, real or personal, as necessary for business. (Sec. 5k)
- Establish and maintain communication systems without separate franchise. (Sec. 5l)
- Determine organizational structure, number of officers and employees, and their salaries. (Sec. 5m)
- Establish and maintain offices, branches, agencies, subsidiaries, correspondents, or other units as needed. (Sec. 5n)
- Exercise the right of eminent domain as necessary. (Sec. 5o)
- Enter private lands for geological or geophysical studies related to exploration and exploitation, subject to payment. (Sec. 5p)
- Acquire easements over public and private lands necessary for operations, subject to just compensation. (Sec. 5q)
- Establish and maintain a technical educational system for manpower development. (Sec. 5r)
- Adopt by-laws, corporate seal, and perform other necessary acts for attainment of objectives. (Sec. 5s, 5t, 5u)
Governing Body (Sec. 6):
- Governed by a 9-member Board of Directors appointed by the President of the Philippines for 3-year terms.
- Chairman of the Board and President appointed by the President of the Philippines.
- Other officers appointed by the Board.
Duties and Responsibilities of Chairman and President (Sec. 8):
- Exercise powers and perform duties as provided in the by-laws or vested by the Board.
Auditor (Sec. 11):
- Commission on Audit appoints an Auditor and staff, subject to Board approval.
- Auditors of PNOC-owned or controlled corporations appointed by their respective boards.
Appointment, Control, and Discipline of Personnel (Sec. 12):
- Board appoints officers and employees, fixes compensation, benefits, working hours, and employment conditions.
- Board grants leaves of absence, disciplines and removes personnel for cause.
- Board establishes and maintains recruitment and merit system for PNOC and affiliates.
Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
oil
petroleum
energy resources
exploration
exploitation
development
refining
storage
transportation
marketing
importation
exportation
supply
distribution
offshore drilling
logistical support
subsidiary corporations
eminent domain
easement
technical education
corporate governance
auditing
personnel management
Law
Further Amending The Charter Of The Philippine National Oil Company (PNOC) As Provided For In Presidential Decree No. 334, As Amended, And For Other Purposes
Presidential Decree No. 927
•April 30, 1976
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 927 April 30, 1976
FURTHER AMENDING THE CHARTER OF THE PHILIPPINE NATIONAL OIL COMPANY (PNOC) AS PROVIDED FOR IN PRESIDENTIAL DECREE NO. 334, AS AMENDED, AND FOR OTHER PURPOSES
WHEREAS, the Philippine National Oil Company was organized principally to assure an adequate and stable supply of oil and petroleum;
WHEREAS, the continuing increase in the cost of oil and petroleum makes it imperative that the exploration and development of other sources of energy be accelerated;
WHEREAS, the Philippine National Oil Company is best suited to undertake the task; at the same time, in order that the Philippine National Oil Company may better realize the purposes for which it has been organized and so that it may continue to be an effective instrument in the attainment of national goals, it necessary that its powers be broadened;
Section 1. Section 2, 3, 4, 5, 6, 8, 11, and 12 of Presidential Decree No. 334 are hereby amended to read as follows:
"Sec. 2. Declaration of Policy. It is...
Login to see full content
Amends
n/a
Amended by
n/a