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PHILIPPINE LAWS, STATUTES & CODES
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Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 4724 - AN ACT TO
DEVELOP THE METALS INDUSTRY OF THE PHILIPPINES BY ESTABLISHING THE
METALS INDUSTRY DEVELOPMENT CENTER, PROVIDING FUNDS THEREFOR, AND FOR
OTHER PURPOSES Section 1. Declaration of Policy. — It is hereby declared a national policy to develop and expand the metals industry of the country by maintaining close coordination with the private sector in putting up a non-profit research organization to provide both the government and the private sector with professional management and technical expertise on such vital activities for the development of the industry as training of engineers and technicians, information exchange, trade accreditation service, quality control and testing of metal products, research and business economics advisory services. Sec. 2. Definition of Terms. — As used in this
Act, the following shall be understood to mean: (a) The term "metals
industry" shall refer to the manufacture from ore materials of products
of all precious, base and rare metals and their alloys, including all
processes from smelting in direct or indirect reduction furnaces to the
final finished product state, either separately or part of an
integrated process, namely: the production of bullion, pig ingots,
billets, pellets, blooms, skelps, slabs or bars, and rolling and/or
processing into basic forms such as sheets, plates, strips, tubes,
conduits, pipes, rails, rods, tin-plates and the like, and the rough
castings, forgings, and extrusions, and the final processing,
manufacture, fabrication, and/or assembly into finished metal products
such as power generating machinery, agricultural machinery and
implements, office machinery, metal working machinery, mining,
construction, and all other industrial machinery, and machine parts and
accessories; electric machinery, apparatus and appliances such as
generators, transformer, motors and the like, and their metal parts and
accessories; transport equipment such as railway locomotives and cars,
passenger road motor vehicles, motorcycles, trucks, lorries, bicycles
and other cycles, aircraft, ships and boats and their metal parts and
accessories; and various metal manufactures such as railway
construction accessories, wires, tubes and fittings, firearms, wires
netting and the like, nails, bolts, and similar articles, needles and
pins, safes, hand tools and implements, tools, dies and molds,
household utensils, forks and spoons and cutlery, hardwares and metals,
metal containers for transport and storage, and other miscellaneous
manufactured articles of base, precious and rare metals and their
alloys. Sec. 3. Fund to carry out provisions of this Act. — Pursuant to the national policy enunciated in Section one of this Act, there is hereby established a special fund, to be known as the Metals Industry Development Fund, consisting of government contribution in the amount of seven million five hundred thousand pesos, the private sector contribution as provided in section 7 hereof, and the reasonable fees and charges that may be collected for services rendered by the Metals Industry Development Center. For this purpose, the sum of one million five hundred thousand pesos is hereby authorized to be appropriated upon the approval of this Act out of the funds of the national treasury not otherwise appropriated and one million pesos annually thereafter for a period of six years as the government contribution to the said fund: provided, that any unexpended balance thereof shall not revert to the general fund. Sec. 4. Establishment of Metals Industry
Development Center. — There is hereby established a Metals Industry
Development Center, organized jointly by and with the support of the
government and private sectors as a non-profit institution, to
undertake the following activities: Sec. 5. Board of Trustees. — The metals industry
development center shall, during the first seven years from the
approval of this Act, be administered by a board of trustees composed
of the chairman of the National Science Development Board, a
representative of the National Economic Council, the Director of Mines,
the general manager of the National Shipyards and Steel Corporation and
three representatives from the private sector representing the metals
industry, who shall be appointed by the President of the Philippines,
upon recommendation of the particular sector of the industry which they
represent, for a term of seven years with the consent of the Commission
on Appointments. Sec. 6. Powers and Duties of the Board. — The
board of trustees shall exercise the following powers and duties: Sec. 7. Responsibilities of the private sector. —
To be entitled to the benefits provided for under Section three of this
Act, the private sector have the following responsibilities: Sec. 8. Ownership of property. — All properties, equipment and facilities acquired through the Metals Industry Development Fund shall be owned by the research institution to be established under this Act: provided, however, that if the said institution is dissolved within seven years from the approval of this Act, the ownership of all such properties, equipment and facilities shall revert to the National Science Development Board. Sec. 9. Repealing clause. — All laws, executive
orders, rules and regulations, or parts thereof, inconsistent with this
Act are hereby repealed or modified in conformity herewith. Approved: June 18, 1966 |
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