PRESIDENTIAL DECREE NO. 8

: The primary objective is to govern the exploration and development of the Philippines' indigenous petroleum resources to support national development.
: Foreign companies have the necessary capital, technology, and experience not readily available within the Philippines, which are essential for oil exploration.
: An oil exploration measure entitled 'An Act to Promote the Discovery and Production of Indigenous Petroleum and Appropriating Funds Therefor' (Senate No. 531) was pending in Congress before the decree was issued.
: It was promulgated by President Ferdinand E. Marcos under his powers as Commander-in-Chief of the Armed Forces of the Philippines and pursuant to Proclamation No. 1081 and General Order No. 1.
: The decree took effect immediately upon its issuance on October 2, 1972.
: By adopting a new law that attracts foreign companies into oil exploration partnerships or joint ventures with the government or private sector, overcoming previous legal constraints.
: It deems it vital to the overall national development program of the Philippines.
: Proclamation No. 1081 dated September 21, 1972, and General Order No. 1 dated September 22, 1972.
: They serve as vehicles through which foreign companies can collaborate with the government or private entities to explore and develop oil resources.
: President Ferdinand E. Marcos signed the decree in Manila, Philippines.