Presidential Decree No. 405
AMENDING THE CHARTER OF THE PHILIPPINE NATIONAL OIL COMPANY, AS PROVIDED FOR IN PRESIDENTIAL DECREE NO. 334 DATED NOVEMBER 9, 1973, AND FOR OTHER PURPOSES
WHEREAS, for the purpose of strengthening the policy making body of the Philippine National oil Company, it is necessary to increase the number of its directors; and
WHEREAS, it is imperative that the government give all the assistance and incentives to the Company in its venture to insure adequate supply of oil for the sustained growth of the economy;
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 certain provisions of Presidential Decree No. 334 dated November 9, 1973 be amended:
SECTION 1. Section 6 of Presidential Decree No. 334 is hereby amended to read as follows:
SEC. 6. Governing
Company shall be governed by a Board of
Directors, hereinafter referred to as the Board which shall be composed of
nine (9) members to be appointed by the President of the Philippines. The members of the Board shall serve for a
term of three (3) years or until their successors shall have been appointed and
qualified. In case of any vacancy in the
Board, the same shall be filled by the
President of the
No person shall be appointed as
member of the Board unless he is a natural born citizen of the
SEC. 2. Section 15 of said Decree is hereby amended to read as follows:
SEC. 15. Privileges and Incentives. The Company shall be entitled to all the incentives and privileges granted by law to private enterprises engaged in petroleum or oil operations.
In addition, the employees of the Company shall be entitled to all the retirement and insurance benefits and leave privileges of government employees. However, subsidiaries of the Company organized to undertake purely business ventures shall not, as a matter of right, be subject to the provisions of the Government Service and Insurance System, as provided for under R.A. 186, as amended, as well as to any law, executive orders and decrees relating to leave of absences, retirement privileges, regular working hours, and other government employee benefits.
SEC. 3. Effectivity. This Decree shall take effect immediately.
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