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PHILIPPINE LAWS, STATUTES & CODES
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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 55 -
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 I;
WHEREAS, the non-operation of the Philippine Nuclear Power Plant I will
necessarily require the preservation, maintenance and security of the
nuclear power plant, its equipment, materials, facilities, records and
uranium fuel pending the results of the study of the final disposal
and/or the utilization of the plant, its related equipment and
facilities;
WHEREAS; as the non-operation of the Philippine Nuclear Power Plant I
will not provide revenues to enable the National Power Corporation to
shoulder the foreign debt service burden and the expenditures for the
interim preservation and maintenance activity, the National Power
Corporation must be relieved of this financial burden.
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
Done in the City of Manila,
this 4th day of November, in the year of Our Lord, nineteen hundred and
eighty-six.
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