QuestionsQuestions (PRESIDENTIAL DECREE NO. 1611)
PD 1611 repeals a specific provision—Section 14—of Presidential Decree No. 1402, which previously required the Development Bank of the Philippines (DBP) to transfer the Iligan Steel Mill to the Philippine National Iron and Steel Corporation (PNISC).
Section 14 of PD 1402 is repealed.
It directed DBP to transfer, assign, and convey the Iligan Steel Mill (including its buildings, equipment, and machineries) to PNISC.
The Development Bank of the Philippines (DBP) is identified as the owner of the Iligan Steel Mill.
The buildings, equipment, and machineries were presently leased to the National Steel Corporation.
Because it is intended to allow DBP to comply with commitments with the World Bank and Asian Development Bank and to dispose of its steel mill to any qualified person, group, corporation, or business establishment engaged (or about to be engaged) in iron and steel or related operations.
It states a policy to encourage private sector participation in promoting national welfare, the economic program, and industrialization.
The legal obligation or directive in Section 14 of PD 1402 requiring the transfer of the Iligan Steel Mill from DBP to PNISC is removed.
In line with the recitals, DBP is to be able to dispose of the steel mill to any qualified person or entities engaged (or about to engage) in the iron and steel industry or related activities—without the prior limitation tied to PNISC.
The repealed provision ceases to have legal force going forward; directives or limitations contained in that provision no longer bind parties, unless another law provides otherwise.
It shall take effect immediately.
Commitments with the World Bank and the Asian Development Bank.
PNISC refers to the Philippine National Iron and Steel Corporation, created by PD 1402.
The transfer directive to convey the Iligan Steel Mill to PNISC is removed by repealing Section 14 of PD 1402.
Recitals explain the reasons and policy; the operative sections provide the legal commands—here, Section 1 expressly repeals Section 14 of PD 1402, and Section 2 states immediate effectivity.
It is dated February 28, 1979, and done in the City of Manila.