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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 392 - DECLARING
FULL DEREGULATION OF THE DOWNSTREAM OIL INDUSTRY
WHEREAS, Republic Act No. 7638,
otherwise known as the “Department of Energy Act of 1992,” provides
that, at the end of four years from its effectivity last December 1992,
the Department [of Energy] shall, upon approval of the President,
institute the programs and timetable of deregulation of appropriate
energy projects and activities of the energy sector;
WHEREAS, Section 15 of Republic Act No. 8180, otherwise known as the
“Downstream Oil Industry Deregulation Act of 1996,” provides that “the
DOE shall, upon approval of the President, implement the full
deregulation of the downstream oil industry not later than March, 1997.
As far as practicable, the DOE shall time the full deregulation when
the prices of crude oil and petroleum products in the world market are
declining and when the exchange rate of the peso in relation to the US
dollar is stable;”
WHEREAS, pursuant to the recommendation of the Department of Energy,
there is an imperative need to implement the full deregulation of the
downstream oil industry because of the following recent developments:
(i) depletion of the buffer fund on or about 7 February 1997 pursuant
to the Energy Regulatory Board’s Order dated 16 January 1997; (ii) the
prices of crude oil had been stable at $21 - $23 per barrel since
October 1996 while prices of petroleum products in the world market had
been stable since mid-December of last year. Moreover, crude oil prices
are beginning to soften for the last few days while prices of some
petroleum products had already declined; and (iii) the exchange rate of
the peso in relation to the US dollar has been stable for the past
twelve (12) months, averaging at around P26.20 to one US dollar;
WHEREAS, Executive Order No. 377 dated 31 October 1996 provides for an
institutional framework for the administration of the deregulated
industry by defining the functions and responsibilities of various
government agencies;
WHEREAS, pursuant to Republic Act. No. 8180, the deregulation of the
industry will foster a truly competitive market which can better
achieve the social policy objectives of fair prices and adequate,
continuous supply of environmentally-clean and high quality petroleum
products;
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Republic of the
Philippines, by the powers vested in me by law, do hereby declare the
full deregulation of the downstream oil industry.
This Executive Order shall take effect on 8 February 1997.
DONE in the City of Manila,
this 22nd day of January in the year of Our Lord, Nineteen Hundred and
Ninety-Seven.
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