Reclassification of Oil Price Stabilization Fund
Executive Order No. 1024, issued on May 9, 1985, reclassifies the Oil Price Stabilization Fund (OPSF) from a special account within the general funds to a trust account. This change reflects the OPSF's specific purposes and its nature as a government trust liability, necessitating its distinct treatment. The National Treasurer is directed to transfer the Fund to the Ministry of Energy, which will manage it as a trust liability and may invest it in various fixed-income securities. The Ministry of Energy is also responsible for administering disbursements from the Fund and must provide quarterly reports to the President on its status.
Quick Answers
- What is Reclassification of Oil Price Stabilization Fund about?
- Executive Order No. 1024, issued on May 9, 1985, reclassifies the Oil Price Stabilization Fund (OPSF) from a special account within the general funds to a trust account. This change reflects the OPSF's specific purposes and its nature as a government trust liability, necessitating its distinct treatment. The National Treasurer is directed to transfer the Fund to the Ministry of Energy, which will manage it as a trust liability and may invest it in various fixed-income securities. The Ministry of Energy is also responsible for administering disbursements from the Fund and must provide quarterly reports to the President on its status.
- What type of law is Executive Order No. 1024?
- Reclassification of Oil Price Stabilization Fund (Executive Order No. 1024) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Reclassification of Oil Price Stabilization Fund enacted?
- Reclassification of Oil Price Stabilization Fund (Executive Order No. 1024) was enacted on May 9, 1985.
- What is the citation for Reclassification of Oil Price Stabilization Fund?
- Reclassification of Oil Price Stabilization Fund, Executive Order No. 1024, May 9, 1985 (Philippines)
Law Information
- Reference Number
- Executive Order No. 1024
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Executive Orders
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 9, 1985
EXECUTIVE ORDER NO. 1024
RECLASSIFYING THE OIL PRICE STABILIZATION FUND FROM A SPECIAL ACCOUNT OF THE GENERAL FUND TO A TRUST ACCOUNT
WHEREAS, an Oil Price Stabilization Fund (OPSF) was created under the provisions of Section 8, Presidential Decree No. 1956; asia dc
WHEREAS, considering the specific and limited purposes for which the OPSF may be utilized and its nature as a trust liability of government, it is necessary that the OPSF be segregated and treated differently from the general, special, and other Trust Funds of the government;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the laws of the Philippines, do hereby order that:
SECTION 1. The Minister of the Budget reclassify the Oil Price Stabilization Fund (OPSF) from a special account of the general funds to a trust account.
SECTION 2. The Oil Price Stabilization Fund be released by the National Treasurer to the custody of the Ministry of Energy which shall book and treat it as a trust liability.
SECTION 3. The Ministry of Energy may invest such Fund in fixed income equities like time deposits, Central Bank and Treasury Bills, other government securities, and similar instruments. Earnings from such placements shall form part of the Fund.
SECTION 4. Payments and disbursements from the Fund for the purposes for which it was created shall be administered by the Ministry of Energy in accordance with P.D. No. 1956 and the Ministry of Energy shall submit to the President quarterly reports on the status of the Fund.
DONE in the City of Manila, this 9th day of May, in the year of Our Lord, Nineteen Hundred and Eighty-Five.
Published in the Official Gazette, Vol. 81 No. 23 page 2427 on June 10, 1985.
Cite This Law
Reclassification of Oil Price Stabilization Fund, Executive Order No. 1024, May 9, 1985 (Philippines)
Reclassification of Oil Price Stabilization Fund, Executive Order No. 1024 (Phil. 1985)
Related Laws
- Utilization of Oil Price Stabilization FundLetter of Instructions No. 1431 • Oct 15, 1984 • Presidential Issuances
- Establishing a Coconut Consumers Stabilization FundPresidential Decree No. 276 • Aug 20, 1973 • Presidential Issuances
- Establishment, Administration, Operation, and Utilization of the Coconut Consumers Stabilization FundLetter of Instructions No. 857 • May 4, 1979 • Presidential Issuances
- Creation of a Price Stabilization CouncilPresidential Decree No. 1674 • Feb 16, 1980 • Presidential Issuances
- Imposition and Collection of Coconut Consumers Stabilization Fund (CCSF) LevyLetter of Instructions No. 940 • Oct 4, 1979 • Presidential Issuances
- Imposing an Ad Valorem Tax on Certain Manufactured Oils and Other Fuels, Bunker Fuel Oil and Diesel Fuel Oil; Revising the Rates of Specific Tax Thereon; Abolishing the Oil Industry Special Fund; and for Other PurposesPresidential Decree No. 1956 • Oct 10, 1984 • Presidential Issuances
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