Executive Order No. 1024

 

 

RECLASSIFYING THE OIL PRICE STABILIZATION FUND FROM A SPECIAL ACCOUNT OF THE GENERAL FUND TO A TRUST ACCOUNT

 

WHEREAS, an Oil Price Stabilization Fund (OPSF) was created under the provisions of Section 8, Presidential Decree No. 1956;

 

WHEREAS, considering the specific and limited purposes for which the OPSF may be utilized and its nature as a trust liability of government, it is necessary that the OPSF be segregated and treated differently from the general, special, and other Trust Funds of the government;

 

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the laws of the Philippines, do hereby order that:

 

SECTION  1.  The Minister of the Budget reclassify the Oil Price Stabilization Fund (OPSF) from a special account of the general fund to a trust account.

 

SEC. 2.  The Oil Price Stabilization Fund be released by the National Treasurer to the custody of the Ministry of Energy which shall book and treat it as a trust liability. 

 

SEC. 3.  The Ministry of Energy may invest such Fund in fixed income equities like time deposits, Central Bank and Treasury Bills, other government securities, and similar instruments.  Earnings from such placements shall form part of the Fund. 

 

SEC. 4.  Payments and disbursements from the Fund for the purposes for which it was created shall be administered by the Ministry of Energy in accordance with P.D. No. 1956 and the Ministry of Energy shall submit to the President quarterly reports on the status of the Fund.

 

Done in the City of Manila, this 9th day of May, in the year of Our Lord, Nineteen Hundred and Eighty-Five.

 

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Last revised:  February 19, 2016 08:26 PM.

 

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