Presidential Decree No. 8
DECREEING THE LAW TO GOVERN OIL EXPLORATION AND DEVELOPMENT
WHEREAS, the discovery and the development of the country’s indigenous petroleum resources are vital to the overall national development program;
WHEREAS, in view of the huge amount of capital and investment and the technology and experience required in oil exploration, and of the fact that such capital, technology and experience are not available within the country, it is necessary that foreign companies which have the capital, the technology and the experience should be attracted into exploring and developing the country’s oil resources, either in partnerships or joint ventures with the Government or the private sector;
WHEREAS, given the constraints of existing laws, the foreign oil exploration companies have not been sufficiently attracted into coming in and investing in oil exploration ventures;
WHEREAS, there was pending before Congress before the promulgation of Proclamation No. 1081, dated September 21, 1972, an oil exploration measure entitled “AN ACT TO PROMOTE THE DISCOVERY AND PRODUCTION OF INDIGENOUS PETROLEUM AND APPROPRIATING FUNDS THEREFOR” and dominated as Senate Bill No. 531, which I have certified as one of the urgent measures necessitating immediate enactment;
WHEREAS, this measure is necessary to the attainment of the objectives of this Government to create a new social and economic order for the benefit of the country and its people;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, do hereby order and decree that the above mentioned oil exploration measure entitled “AN ACT TO PROMOTE THE DISCOVERY AND PRODUCTION OF INDIGENOUS PETROLEUM AND APPROPRIATING FUNDS THEREFOR” which is attached herewith and made a part hereof, shall be, as it is hereby, adopted in toto and shall henceforth be part of the law of the land.
This decree shall take effect immediately.
Done in the City of
What do you want to do now?
Go Back to the Top; Go back to art’s home page; Laugh or Be Entertained; Destroy Cartels and Monopolies; Invest or Find a Job; Check Software or a Computer; Check out the latest News; Look for a School; Greet a Friend; Dip Into Black Gold and be Electrified; Express Yourself; Relive the Past; Get Involved in the Law, Government, & Politics; Read Some Classics; Meet New People; Consult the laws of the Philippine energy sector; Philosophize; or Search.
This page is best viewed using Microsoft Internet Explorer 4.0 or higher.
Last revised: April 03, 2010 11:49 PM.
Caveat Emptor: Owners of the sites included herein do not explicitly endorse this page.
Comments, suggestions, objections, or violent reactions?
Let me know.