EXECUTIVE ORDER NO. 55 October 1, 1986
TRANSFERRING TO THE NATIONAL GOVERNMENT THE PHILIPPINE NUCLEAR POWER PLANT I (PNPP-I), ITS EQUIPMENT, MATERIALS, FACILITIES, RECORDS AND URANIUM FUEL, PROVIDING FOR THE ASSUMPTION OF THE REMAINING FOREIGN LOAN OBLIGATIONS OF THE NATIONAL POWER CORPORATION (NAPOCOR) WITH FOREIGN LENDERS UNDER THE LOANS CONTRACTED BY THE NATIONAL POWER CORPORATION AND GUARANTEED BY THE REPUBLIC OF THE PHILIPPINES AND OF THE PESO OBLIGATIONS INCURRED TO FINANCE THE CONSTRUCTION OF THE SAID NUCLEAR PLANT BY THE NATIONAL GOVERNMENT, AND FOR OTHER PURPOSES
WHEREAS, the Government of the Philippines has decided not to operate the Philippine Nuclear Power Plant I (PNPP-I) located in Bataan for reasons of safety and economy;
WHEREAS, the National Power Corporation (NAPOCOR) has remaining foreign loan obligations with foreign lenders for the loan contracted by it and guaranteed by the Republic of the Philippines to finance the construction of the said nuclear plant;
WHEREAS, the National Power Corporation has also incurred peso obligations to finance the construction of the Philippine Nuclear Power Plant...
Details
Amends
n/a
Amended by
n/a
Executive Orders
Transferring To The National Government The Philippine Nuclear Power Plant I (Pnpp-I), Its Equipment, Materials, Facilities, Records And Uranium Fuel, Providing For The Assumption Of The Remaining Foreign Loan Obligations Of The National Power Corporation (Napocor) With Foreign Lenders Under The Loans Contracted By The National Power Corporation And Guaranteed By The Republic Of The Philippines And Of The Peso Obligations Incurred To Finance The Construction Of The Said Nuclear Plant By The National Government, And For Other Purposes
Executive Order No. 55
Summary of Executive Order No. 55
Transfer of Philippine Nuclear Power Plant I (PNPP-I) to the National Government
- The PNPP-I, its equipment, materials, facilities, records, and uranium fuel are transferred to the ownership and disposition of the National Government or its designated agency. (Sec. 1)
Assumption of Foreign Loan Obligations by the National Government
- The National Government assumes all remaining foreign loan obligations, including interest charges, with foreign lenders for loans contracted by NAPOCOR to finance the construction of PNPP-I. (Sec. 2)
- The National Government also assumes all peso obligations incurred by NAPOCOR to finance the construction of PNPP-I. (Sec. 2)
- Appropriations from the General Fund in the National Treasury will be made to acquire the nuclear plant, assume liabilities, and service the debts. (Sec. 2)
- The National Government or NAPOCOR will undertake arrangements with foreign lenders. (Sec. 2)
- The Executive Order does not validate or make unenforceable any invalid or unenforceable debts, nor does it waive any defenses or claims NAPOCOR might have against lending institutions or other entities. (Sec. 2)
Inventory and Accounting
- An inventory of the plant and its related assets, and an accounting of the remaining foreign obligations, will be undertaken jointly by NAPOCOR and the National Government within a reasonable time. (Sec. 3)
Caretaker Role of NAPOCOR
- Until the National Government determines the disposition of PNPP-I, NAPOCOR is designated as the caretaker, undertaking necessary preservation, maintenance, and security programs. (Sec. 4)
- Expenditures for the preservation, maintenance, and security programs will be shouldered by the National Government through annual appropriations from the General Fund in the National Treasury. (Sec. 4)
Repealing Clause and Effectivity
- All laws, orders, ordinances, or regulations in conflict with this Executive Order are repealed, amended, or modified accordingly. (Sec. 5)
- This Executive Order takes effect on October 1, 1986. (Sec. 6)
Transfer of Philippine Nuclear Power Plant I (PNPP-I) to the National Government
- The PNPP-I, its equipment, materials, facilities, records, and uranium fuel are transferred to the ownership and disposition of the National Government or its designated agency. (Sec. 1)
Assumption of Foreign Loan Obligations by the National Government
- The National Government assumes all remaining foreign loan obligations, including interest charges, with foreign lenders for loans contracted by NAPOCOR to finance the construction of PNPP-I. (Sec. 2)
- The National Government also assumes all peso obligations incurred by NAPOCOR to finance the construction of PNPP-I. (Sec. 2)
- Appropriations from the General Fund in the National Treasury will be made to acquire the nuclear plant, assume liabilities, and service the debts. (Sec. 2)
- The National Government or NAPOCOR will undertake arrangements with foreign lenders. (Sec. 2)
- The Executive Order does not validate or make unenforceable any invalid or unenforceable debts, nor does it waive any defenses or claims NAPOCOR might have against lending institutions or other entities. (Sec. 2)
Inventory and Accounting
- An inventory of the plant and its related assets, and an accounting of the remaining foreign obligations, will be undertaken jointly by NAPOCOR and the National Government within a reasonable time. (Sec. 3)
Caretaker Role of NAPOCOR
- Until the National Government determines the disposition of PNPP-I, NAPOCOR is designated as the caretaker, undertaking necessary preservation, maintenance, and security programs. (Sec. 4)
- Expenditures for the preservation, maintenance, and security programs will be shouldered by the National Government through annual appropriations from the General Fund in the National Treasury. (Sec. 4)
Repealing Clause and Effectivity
- All laws, orders, ordinances, or regulations in conflict with this Executive Order are repealed, amended, or modified accordingly. (Sec. 5)
- This Executive Order takes effect on October 1, 1986. (Sec. 6)