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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 471 - 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”; Since 19.07.98.
WHEREAS, Section 19 of Republic Act No. 8479, otherwise known as the
“Downstream Oil Industry Deregulation Act of 1998,” provides that
“[T]hat when the public interest so requires, the President may
accelerate the start of full deregulation upon the recommendation of
the DOE and the Department of Finance (DOF) when the prices of crude
oil and petroleum products in the world market are declining and the
value of the peso in relation to the US dollar is stable, taking into
account relevant trends and prospects: Provided, further, That the
foregoing provision notwithstanding, the five (5)-month Transition
Phase shall continue to apply to LPG, regular gasoline and kerosene as
socially-sensitive petroleum products and said petroleum products shall
be covered by the automatic pricing mechanism during the said period”;
WHEREAS, pursuant to the joint recommendation of the Department of
Energy and the Department of Finance, and in the interest of the
consuming public, recent developments favor the acceleration of the
start of full deregulation of the downstream oil industry because: (i)
the prices of crude oil and petroleum products in the world market are
beginning to be stable and on a downtrend since January 1998; and (ii)
the exchange rate of the peso in relation to the US dollar has been
stable for the past three months, averaging at around P40.00 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. 8479, 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 Philippines, by the
powers vested in me by law, do hereby declare the full deregulation of
the downstream oil industry; provided, however, that LPG, regular
gasoline and kerosene shall be covered by the Automatic Pricing Formula
pursuant to R.A. No. 8479.
This Executive Order shall take effect immediately.
DONE in the City of Manila this
14th day of March in the year of Our Lord, Nineteen Hundred and
Ninety-Eight.
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