Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 949)
The main subject is the vesting of administration and ownership of a parcel of public domain land located at Lamao, Limay, Bataan to the Philippine National Oil Company (PNOC) for the development of a petrochemical industrial zone.
The land is located at Lamao, Limay, Bataan, reserved for industrial estate purposes primarily to establish and develop a petrochemical complex and related industries.
The ownership and administration of the land is vested in the Philippine National Oil Company (PNOC) in full and absolute ownership for the nominal sum of One Peso.
The nominal sum of One Peso.
Yes, the Philippine Explosives Corporation, which was operating there prior to the decree, is allowed to continue its business operations subject to PNOC's rules and regulations.
The Bureau of Lands is tasked to survey and fix the permanent boundaries of the parcel of land described in the decree.
PNOC may manage, operate, develop, or cause the establishment of petrochemical and related industries either by itself, its subsidiaries, or other entities including joint ventures.
Yes, PNOC may lease, sell, or convey portions of the industrial zone to private entities or persons operating petrochemical industries.
PNOC is empowered to prescribe such rules and regulations as necessary for the establishment, management, operation, and development of the petrochemical industrial zone.
All laws, decrees, executive orders, proclamations, rules, and regulations inconsistent with this decree are repealed or modified accordingly.
The decree took effect immediately upon its promulgation on June 17, 1976.