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
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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. 572
November 5, 1974
Case Overview and Summary
Presidential Decree No. 572 amends the charter of the Philippine National Oil Company (PNOC) and its affiliated companies as follows:Loans and Indebtedness (Section 1):
- The PNOC and its affiliate corporations where it owns at least 75% shares are authorized to contract loans, credits, and indebtedness from foreign governments, international financial institutions, or other entities.
- The President of the Philippines can guarantee the payment of such loans and indebtedness, as well as the performance of obligations under the loan agreements.
- Loans, credits, indebtedness, and related imports by the PNOC and its affiliates are exempt from all direct and indirect taxes, duties, fees, imposts, and other charges imposed by the Philippine government and its agencies.
Privileges and Incentives (Section 2):
- The PNOC is entitled to all incentives and privileges granted by law to private enterprises engaged in petroleum or oil operations.
- The PNOC is exempt from all taxes, duties, fees, imposts, and other charges imposed by the Philippine government and its agencies.
- The PNOC's affiliate corporations are exempt from such charges only on imports of aircraft, vessels, tankers, barges, floating structures, machinery, equipment, spare parts, and materials.
- Other government offices and corporations shall assist the PNOC and its affiliates, including detailing officials and employees, who may receive allowances and emoluments.
- PNOC employees are entitled to retirement, insurance benefits, and leave privileges of government employees.
- Subsidiaries undertaking purely business ventures are not subject to laws and regulations relating to government employee benefits.
Effectivity (Section 3):
- This Decree is effective as of the effectivity date of Presidential Decree No. 334.
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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. 572
•November 5, 1974
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 572 November 5, 1974
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, under Presidential Decree No. 334, as amended, the Philippine National Oil Company is expressly charged (a) to provide and maintain an adequate and stable supply of oil and petroleum products for the domestic requirements; (b) to promote the exploration, exploitation and development of local oil and petroleum sources; and (c) to foster oil or petroleum operation conditions conducive to a balance and sustainable growth of the economy;
WHEREAS, it is imperative that the Philippine National Oil Company and its affiliated companies be granted adequate powers and incentives to enable it to attain expeditiously and efficiently its declared objectives.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the following:
Section 1. SECTION 13 of Presidential Decree No. 334 is...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
Philippine National Oil Company
PNOC
oil
petroleum
loans
credits
indebtedness
foreign governments
international financial institutions
tax exemptions
incentives
privileges
imports
aircraft
vessels
tankers
barges
floating structures
machinery
equipment
spare parts
materials
government assistance
employee benefits
retirement
insurance
leave
business ventures
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 572 November 5, 1974
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, under Presidential Decree No. 334, as amended, the Philippine National Oil Company is expressly charged (a) to provide and maintain an adequate and stable supply of oil and petroleum products for the domestic requirements; (b) to promote the exploration, exploitation and development of local oil and petroleum sources; and (c) to foster oil or petroleum operation conditions conducive to a balance and sustainable growth of the economy;
WHEREAS, it is imperative that the Philippine National Oil Company and its affiliated companies be granted adequate powers and incentives to enable it to attain expeditiously and efficiently its declared objectives.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the following:
Section 1. SECTION 13 of Presidential Decree No. 334 is...
Login to see full content