EXECUTIVE ORDER NO. 756
EXECUTIVE ORDER NO. 756 -
AUTHORIZING THE REORGANIZATION OF THE PHILIPPINE INTERNATIONAL TRADING
CORPORATION
WHEREAS it is the declared policy
of the New Republic to pursue national economic development with
renewed dedication and determination;
WHEREAS, there is need to strengthen the Philippine International
Trading Corporation in accordance with its expanded role in the
promotion and development of Philippine trade in complementation with
efforts of the private sector;
WHEREAS, the PITC has been designated as a key agency for international
marketing in connection with the KKK program;
WHEREAS, under Presidential Decree No. 1416 as amended, the
Presidential is empowered to undertake such organizational and related
improvements as may be appropriate in the light of changing
circumstances and new developments;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution and the
authority vested in me by Presidential Decree No. 1416 as amended, do
hereby order and ordain;
Section 1. Subscription to Capital. — The provisions
of Sec. 3 of Presidential Decree No. 1071 otherwise known as “The
Revised Charter of the Philippine International Trading Corporation”
notwithstanding the forty percent (40%) share in the authorized capital
stock of the Corporation allocated for the private sector which is
equivalent to 800,00 shares with the total par value of P80,000,000 is
hereby transferred to and assumed by the National Development Company;
Likewise, the shares allocated to the Philippine National Bank and the
Development Bank of the Philippines as specified in the same Section ,
which have not been subscribed and paid for amounting to P39,000,000
representing 390,000 shares are transferred to and assumed by the
National Development Company which shall be fully subscribed and
paid-up after the issuance of this Order.
The Budget Ministry is directed to release to the Corporation to carry
out its functions the unpaid balance of the share of the National
Government amounting to P74,000,000.00.
Sec. 2. Subsidiaries. — The Corporation may
establish subsidiary companies, including joint ventures, as may be
decided by the Board with such participation as it may deem proper and
necessary in the performance of its powers and functions, any
provisions of law to the contrary notwithstanding. Such subsidiaries
created and registered with the Securities and Exchange Commission
shall be entitled to all the incentives and privileges granted by law
to private enterprise engaged in business activities.
Sec. 3. The Board of Directors. — The Corporation
shall be governed by a Board of Directors which shall be composed of
the Minister of Trade and Industry as Chairman, the President of the
Corporation as Vice-Chairman, and the Director-General of the National
Economic and Development Authority, the Minister of Agriculture, the
Minister of Natural Resources, Vice-Chairman of the Board of
Investments, the General Manager of the National Development Company, a
representatives from the Office of the President, the Chairman of the
Board of Governors of the Development Bank of the Philippines, the
President of the Philippine National Bank, and a representative from
the private sector to be appointed by the President, as
members.
The members of the Board may, whenever unable to attend its meetings,
be represented by their duly designated representatives who shall have
the same powers, duties and privileges in those meetings as the members
they represent.
Sec. 4. Powers of the Board. — In addition to the
powers granted under Presidential Decree No. 1071, any provision of
law, rule or regulation to contrary notwithstanding, the Board shall
have the following powers:
1)
To reorganize the structure of the Corporation, in accordance with its
expanded role in the development of Philippine trade, with such
officers and employees as may be needed and determine their competitive
salaries and reasonable allowances and other benefits to effectively
carry out its powers and functions.
2) To organize
an Executive Committee within their ranks, to decide on urgent matters
subject to the confirmation of the Board in its proper meetings or,
pending such board meetings, to make corporate decisions as needed by
referendum or referral to individual members of the Board to be
implemented if concurred in by the majority of the required quorum.
3) To
determine reasonable rates of per diems and allowances for its members,
for their travel and those of its officers and employees, local or
foreign, as well as the reasonable remuneration for overtime services
and other official business as may be required by the exigencies of
this service.
Sec. 5. The President of the Corporation. — The
President of the Corporation shall be appointed by the President of the
Philippines.
Sec. 6. Exemption from OCPC. — In recognition of
the special nature of its operations, the Corporation shall continue to
be exempt from the application of the rules and regulations of the
Office of the Compensation and Position Classification or any other
similar agencies that may be established hereafter as provided under
Presidential Decree No. 1071. Likewise, any officer or employee who
retires, resigns, or is separated from the service shall be entitled to
one month pay for every year of service computed at highest salary
received including all allowances, in addition to the other benefits
provided by law, regardless of any provision of law or regulations to
the contrary; Provided, That the employee shall have served in the
Corporation continuously for at least two years: Provided, further,
That in case of separated employees, the separation or dismissal is not
due to conviction for any offense the penalty for which includes
forfeiture of benefits: and Provided, finally, That in the commutation
of leave credits earned, the employees who resigned, retired or is
separated shall be entitled to the full payment therefor computed with
all the allowance then being enjoined at the time of resignation,
retirement of separation regardless of any restriction or limitation
provided for in other laws, rules or regulations.
Sec. 7. Incentive Scheme. — The Corporation is
hereby authorized to grant incentives to its officers and employees and
other persons deputized, detailed or assigned to serve it which shall
be drawn from gross income and commissions from marketing operations
and other income but excluding income from money market placements;
Provided, however, That the total amount of the incentives granted in
any one year shall not exceed five percent (5%) of said income from
marketing operations and other income, excluding those from money
market placements, during the particular year; and Provided, finally,
That the distribution thereof shall be in such manner and/or amounts as
may be approved by the Board.
Sec. 8. Deputization of Commercial Attaches. — The
Corporation, in coordination with the Ministry of Trade and Industry,
is hereby authorized to deputize the Commercial Attaches to act as its
representatives in their respective areas of assignments to, among
others, initials and/or pursue trade opportunities, follow-up on
pending business activities including transactional activities and keep
the Corporation informed of all opportunities and developments that
will enhance the establishment of Philippine presence in that market
and any other activity as may be authorized by the Ministry of Trade
and Industry. For this purpose, said attaches shall be directed by the
Corporation and be provided with appropriate support to carry out the
assignment.
Such deputization shall be implemented in accordance with the proper
guidelines jointly adopted by the Corporation and the Ministry of Trade
and Industry for the different areas of assignment.
Sec. 9. Franchise for Philippine Trade House. —
The authority to grant franchise to operate and maintain Philippine
Trade Houses abroad is hereby vested in the Corporation. For this
purpose, the Corporation shall determine the guidelines for the
establishment and operation of said trade houses.
Sec. 10. Any provision of law, decree, order or
regulation inconsistent with these orders are deemed revised, amended,
superseded or repealed accordingly.
Sec. 11. This Order shall take effect immediately.
Done in the City of Manila,
this 28th day of December, in the year of Our Lord, nineteen hundred
and eighty-one.
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Since 19.07.98.