WHEREAS, the discovery and the development
of the country's indigenous petroleum resources are vital to the
overall national development program;chanroblesvirtualawlibrary
WHEREAS, in view of the huge amount of capital and investment and the
technology and experience required in oil exploration, and of the fact
that such capital, technology and experience are not available within
the country, it is necessary that foreign companies which have the
capital, the technology and the experience should be attracted into
exploring and developing the country's oil resources, either in
partnerships or joint ventures with the Government or the private
sector; chanroblesvirtualawlibrary
WHEREAS, given the constraints of existing laws, the foreign oil
exploration companies have not been sufficiently attracted into coming
in and investing in oil exploration ventures;chanroblesvirtualawlibrary
WHEREAS, there was pending before Congress before the promulgation of
Proclamation No. 1081, dated September 21, 1972, an oil exploration
measure entitled "AN ACT TO PROMOTE THE DISCOVERY AND PRODUCTION OF
INDIGENOUS PETROLEUM AND APPROPRIATING FUNDS THEREFOR" and dominated as
Senate Bill No. 531, which I have certified as one of the urgent
measures necessitating immediate enactment;chanroblesvirtualawlibrary
WHEREAS, this measure is necessary to the attainment of the objectives
of this Government to create a new social and economic order for the
benefit of the country and its people;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines, and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 22, 1972, as amended, do hereby
order and decree that the above mentioned oil exploration measure
entitled "AN ACT TO PROMOTE THE DISCOVERY AND PRODUCTION OF INDIGENOUS
PETROLEUM AND APPROPRIATING FUNDS THEREFOR" which is attached herewith
and made a part hereof, shall be, as it is hereby, adopted in toto and
shall henceforth be part of the law of the land.
This decree shall take effect immediately.
Done in the City of Manila,
this 2nd day of October, in the year of Our Lord, nineteen hundred and
seventy-two.
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