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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 137 - EXPANDING
THE SOURCES AND UTILIZATION OF THE OIL PRICE STABILIZATION FUND (OPSF)
BY AMENDING PRESIDENTIAL DECREE NO. 1956
WHEREAS,
an Oil Price Stabilization Fund was created under Sec. 8 of the
Presidential Decree No. 1956 to be used to reimburse the oil companies
for cost increases on crude oil and imported petroleum products
resulting from exchange rate adjustments and/or increases in world
market prices in the desire to stabilize the prices of petroleum
products for a longer period despite exchange rate adjustments or world
market price changes;
WHEREAS, Letter of Instructions No. 1431 provided for the utilization
of the Oil Price Stabilization Fund to reimburse oil companies the
additional costs of importation of crude oil and petroleum products due
to fluctuations in foreign exchange rates, to assure adequate and
continuous supply of petroleum products at reasonable prices;
WHEREAS, the spot prices of crude oil in the international market have
been unstable;
WHEREAS, it is the policy of the government to recognize immediately
declines in crude oil prices by reducing domestic petroleum product
prices for the benefit of the public;
WHEREAS, the prevailing circumstances require the expansion of the
sources and utilization of the Oil Price Stabilization Fund to maintain
stability in the domestic prices of oil products at reasonable levels;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
“Sec.
8.
a)
b)
c)
d)
The
Fund herein created shall be used for the following:
1)
2)
i.
ii.
iii.
Sec. 2.
Sec. 3.
Sec. 4.
Done in the City of Manila,
this 27th day of February in the year of Our Lord, nineteen hundred and
eighty-seven.
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