MEMORANDUM ORDER NO. 340

: The President of the Philippines has the authority to execute contracts and to delegate such authority for and on behalf of the Republic of the Philippines.
: The service contracts cover oil exploration and development in the Philippines.
: The authority is delegated to the Executive Secretary to sign and execute these contracts on behalf of the Republic of the Philippines.
: Under Section 5 of Presidential Decree No. 87 (PD No. 87).
: It took effect immediately upon adoption on February 15, 1996.
: The delegation covers signing and executing service contracts related to oil exploration and development throughout the country.
: President Fidel V. Ramos adopted Memorandum Order No. 340.
: It streamlines the administrative process by allowing the Executive Secretary to execute contracts, expediting government operations related to oil exploration and development.
: Section 51(1), Chapter I of the Administrative Code of 1987 empowers the President to delegate the execution of contracts.
: Yes, the Memorandum Order specifically applies to service contracts covering oil exploration and development, not other types of contracts.