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PRESIDENTIAL DECREE NO. 1695
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PRESIDENTIAL DECREE NO. 1695 -
AMENDING PRESIDENTIAL DECREE NO. 1213 BY AUTHORIZING THE TIRAD
MINERALS, INC. TO UNDERTAKE THE DEVELOPMENT, UTILIZATION AND
EXPLOITATION OF THE MINERAL DEPOSITS FOUND IN THE AREA EMBRACED BY THE
SAME DECREE
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chanroblesvirtualawlibrary
WHEREAS, in
view of its limited financial resources and lack of technical
expertise, Mankayan Mineral Development Co., Inc. has not developed,
utilized and exploited the area awarded to it under Presidential Decree
No. 1213; chanroblesvirtualawlibrary
WHEREAS, recognizing that mineral production is a major support of the
national economy, the accelerated development and exploitation of the
aforementioned area is urgently needed for national development;chanroblesvirtualawlibrary
WHEREAS, Tirad Minerals, Inc., processing firm commitments from local
and foreign institution for the financial requirements and technical
competence to put the area into immediate commercial production desires
to take over its development and exploitation; and
WHEREAS, it is felt that immediate mining operations can be undertaken
thereon by Tirad Minerals, Inc. rather than have the same operated as a
mineral reservation;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
amended in that the development, exploitation and utilization of the
minerals found in the area embraced by Presidential Decree No. 1213 be
undertaken by Tirad Minerals, Inc., subject to existing private rights,
if any, and to existing policies, laws and rules and regulations
pertinent thereto.
This Decree shall take effect immediately.
Done in the City of Manila,
this 5th day of May, in the year of Our Lord, nineteen hundred and
eighty.
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