FURTHER REVISING THE CHARTER OF THE NATIONAL DEVELOPMENT COMPANY AND FOR OTHER PURPOSES.

WHEREAS, there are priority projects that need to be
undertaken in order to accelerate national economic development;

WHEREAS, the National Development Company is a major
corporate vehicle of the Government empowered to engage or invest in commercial,
industrial, agricultural, mining, and other enterprises where government
investment in necessary to foster economic development;

WHEREAS, in the pursuit of these objectives, it is necessary
that the National Development Company act expeditiously and with the highest
degree of efficiency and competence;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Republic of the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby decree and make part of the law of the land, the
following:

SECTION 1. Section Six of Presidential Decree No. Sixteen
Hundred Forty Eighty is hereby amended to read as follows:

“SEC. 6. Governing Body. The Company shall be governed by a
Board of Directors, hereinafter referred to as the “Board” which shall be
composed of the Minister of Industry, as Chairman, and of the Minister of
Finance, the Minister of Energy, the Chairman of the Development Bank of the
Philippines, the General Manager of the Company, and two (2) representatives of
the private sector appointed by the President, as members.

The Board shall have the following powers:

1. to formulate policies, rules and regulations to carry out effectively the
   functions and purposes of the Company;
2. to direct the management, operations, and administration of the Company;
3. to authorize such expenditures by the Company as are in the interest of the
   effective administration and operation of the Company;
4. to appoint, fix the remuneration and other emoluments, and remove personnel
   and consultants of the Company; Provided, That the Board shall have exclusive
   and final authority to promote, transfer, assign or reassign personnel of the
   Company and these personnel actions are deemed made in the interest of the
   service and not disciplinary, any provision of existing law to the contrary
   notwithstanding;
5. to exercise such other powers as may be necessary to accomplish the purposes
   for which the Company was organized.”

SECTION 2. Section Eleven of Presidential Decree No. Sixteen
hundred Forty Eight is hereby amended to read as follows:

“SEC. 11. Compensation Law. For the purpose of determining
the compensation of its officers and employees, and for the purposes of
Presidential Decree No. 985 and Civil Service requirements, the Company shall be
considered as a government financial institution, such as the Central Bank and
the Development Bank of the Philippines; Provided, That the appointment and
compensation of personnel and consultants whose positions are policy
determining, primarily confidential, or considered by the Board as highly
technical in nature as recommended by the Chairman of the Company, shall be
decided by the Board, any provisions of existing law to the contrary
notwithstanding.”

SECTION 3. All laws, decrees, proclamations, executive
orders, instructions, rules or regulations, or parts thereof, which are
inconsistent with the provisions of this Decree are hereby repealed and/or
modified accordingly.

SECTION 4. This Decree shall take effect immediately.

Done in the City of Manila, this 15th day of January, in the Year of Our
Lord, Nineteen Hundred and Eighty-One.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JUAN C. TUVERA
		Presidential Executive Assistant

 

Vol. 25, Vital Documents, Presidential Decree 1980-1981