Law Summary

Introduction

Executive Order No. 152, issued by President Diosdado Macapagal on April 8, 1965, establishes the Committee on Philippine Petroleum Exploration Industry, reflecting the importance of the petroleum sector for the Philippines' economic development.

Purpose and Importance

• Legal Principle: The order underscores the necessity of exploring untapped petroleum resources and developing existing ones as vital to national economic growth.
• Key Definitions:
  • Committee: Refers to the newly formed Committee on Philippine Petroleum Exploration Industry, tasked with addressing issues within the petroleum sector.

Functions and Responsibilities of the Committee

• Concise Explanation: The Committee is charged with studying and addressing various challenges facing the petroleum industry.
• Key Responsibilities:
  • • Investigate financing and technical assistance issues.
  • • Review existing legislation to incentivize industry growth and eliminate hindrances.
  • • Evaluate feasibility for attracting new capital investments.
  • • Analyze broader economic problems impacting the petroleum sector and propose solutions.

Composition of the Committee

• Legal Provision: The Committee is composed of several key members from various sectors, ensuring a diverse representation.
• Members Include:
  • • Hon. Rufino G. Hechanova (Chairman, Secretary of Finance)
  • • Mr. Daniel Me. Gomez (Philippine Petroleum Association)
  • • Mr. Jose D. Calderon (Maremco Mineral Corporation)
  • • Additional members from various economic and financial institutions.

Authority and Powers of the Chairman

• Concise Explanation: The Chairman serves as the executive officer with specific powers to facilitate the Committee's operations.
• Key Authorities:
  • • Appointment of necessary personnel and issuance of relevant rules and regulations.
  • • Ability to request assistance from any government department or agency.
  • • Authority to requisition services from government personnel, subject to Presidential approval.

Implementation and Assistance

• Legal Provision: The Chairman is empowered to seek assistance from various governmental bodies to support the Committee's objectives.
• Important Requirements:
  • • Must obtain approval from the President for certain actions.

Conclusion

• Execution Details: The Executive Order was signed in Manila on April 8, 1965, reaffirming the government's commitment to enhancing the petroleum industry.

Key Takeaways

• The establishment of the Committee aims to address critical challenges in the petroleum industry, fostering economic development.
• The Committee comprises influential members from finance and the petroleum sector, ensuring informed decision-making.
• The Chairman possesses significant authority to facilitate operations and seek necessary governmental assistance.