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PHILIPPINE LAWS, STATUTES & CODES
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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 1067 -
AUTHORIZING CORPORATE CHANGES IN CAPITAL DISTRIBUTION AND COMPENSATION
STRUCTURE OF THE PHILIPPINE INTERNATIONAL TRADING CORPORATION CREATED
UNDER PRESIDENTIAL DECREE NO. 1071, AS AMENDED
WHEREAS, there is need to
restructure the ownership of the Philippine International Trading
Corporation and to increase its paid-up capital to accelerate and
expand its international marketing capability;
WHEREAS, under Sec. 4 of Executive Order No. 756, powers are
delegated to the Board of Directors to organize 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;”
WHEREAS, in view of the special and commercial nature of operations of
PITC, under Sec. 6 of Executive Order No. 756, the Corporation shall
continue to be exempt from the application of the rules and regulations
of the Office of Compensation and Position Classification or any such
similar agencies that may be established hereafter;
WHEREAS, the operations of PITC are unique, critical and commercial in
nature and require maximum flexibility to enable the Corporation to
respond immediately to commercial opportunities;
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 on me by Presidential Decree No. 1071 and Executive
Orders 756 and 877, as amended, do hereby order and direct:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
DONE in the City of Manila this
25th day of November, in the year of Our Lord, nineteen hundred and
eighty-five.
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