Increasing The Capitalization Of The National Development Company, Appropriating Funds Therefor, And For Other Purposes
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Increasing The Capitalization Of The National Development Company, Appropriating Funds Therefor, And For Other Purposes
Presidential Decree No. 1169
July 11, 1977
Case Overview and Summary
Summary of Presidential Decree No. 1169Increasing 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). (Section 1)
- The additional capitalization of Two Hundred Ten Million Pesos (P210,000,000.00) 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. (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
- Any law, decree, order, rule, or regulation inconsistent with this decree is hereby repealed or amended accordingly. (Section 4)
Effectivity
- This decree shall take effect immediately. (Section 5)
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Executive Issuances
Presidential Decrees
National Development Company
copper smelter project
capitalization
equity participation
Philippine Associated Smelting and Refining Corporation (PASAR)
appropriation
dividend remittance
Presidential Advisory Committee on the Copper Industry
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Increasing The Capitalization Of The National Development Company, Appropriating Funds Therefor, And For Other Purposes
Presidential Decree No. 1169
•July 11, 1977
MALACAÑANGM 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 the Constitution do...
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