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GRANT OF SPECIAL ALLOWANCES FOR PETROLEUM SERVICE CONTRACTORS
WHEREAS, Section 2, Article Xll of the 1987 Constitution provides thal "xxx The exploration, development, and utilization of natural resources shall be under the full control and supervision of the State" and "(t)he President may enter into agreements with foreign-owned corporations involving either technical or financial asslstance for large-scale exploration, development, and utilization of minerals, petroleum, and other mineral oils according to the general terms and conditions provided by law, based on reat contributions to the economic grovvth and general welfare of the country' ln such agreements, fhe state shall promote the development and use of local scientific and technicaI resources;"
Published at: BusinessWorld and Daily Tribune
Date Published [mm/dd/yyyy]: 09/30/2025