EXECUTIVE ORDER NO. 756 December 28, 1981
AUTHORIZING THE REORGANIZATION OF THE PHILIPPINE INTERNATIONAL TRADING CORPORATION
WHEREAS it is the declared policy of the New Republic to pursue national economic development with renewed dedication and determination;
WHEREAS, there is need to strengthen the Philippine International Trading Corporation in accordance with its expanded role in the promotion and development of Philippine trade in complementation with efforts of the private sector;
WHEREAS, the PITC has been designated as a key agency for international marketing in connection with the KKK program;
WHEREAS, under Presidential Decree No. 1416 as amended, the Presidential is empowered to undertake such organizational and related improvements as may be appropriate in the light of changing circumstances and new developments;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the authority vested in me by Presidential Decree No. 1416 as amended, do hereby order and ordain;
Sec. 1. Subscription to Capital. The provisions of Section 3 of Presidential Decree No. 1071 otherwise known as "The Revised Charter of the Philippine International Trading Corporation" notwithstanding the forty percent (40%) share in the authorized capital stock of the Corporation allocated for the private sector which is equivalent to 800,00 shares with the total par value of P80,000,000 is hereby transferred to and assumed by the National Development Company;
Likewise, the shares allocated to the Philippine National Bank and the Development Bank of the Philippines as specified in the same Section, which have not been subscribed and paid for amounting to P39,000,000 representing 390,000 shares are transferred to and assumed by the National Development Company which shall be fully subscribed and paid-up after the issuance of this Order.
The Budget Ministry is directed to release to the Corporation to carry out its functions the unpaid balance of the share of the National Government amounting to P74,000,000.00.
Sec. 2. Subsidiaries. The Corporation may establish subsidiary companies, including joint ventures, as may be decided by the Board with such participation as it may deem proper and necessary in the performance of its powers and functions, any provisions of law to the contrary notwithstanding. Such subsidiaries created and registered with the Securities and Exchange Commission shall be entitled to all the incentives and privileges granted by law to private enterprise engaged in business activities.
Sec. 3. The Board of Directors. The Corporation shall be governed by a Board of Directors which shall be composed of the Minister of Trade and Industry as Chairman, the President of the Corporation as Vice-Chairman, and the Director-General of the National Economic and Development Authority, the Minister of Agriculture, the Minister of Natural Resources, Vice-Chairman of the Board of Investments, the General Manager of the National Development Company, a representatives from the Office of the President, the Chairman of the Board of Governors of the Development Bank of the Philippines, the President of the Philippine National Bank, and a representative from the private sector to be appointed by the President, as members.
The members of the Board may, whenever unable to attend its meetings, be represented by their duly designated representatives who shall have the same powers, duties and privileges in those meetings as the members they represent.
Sec. 4. Powers of the Board. In addition to the powers granted under Presidential Decree No. 1071, any provision of law, rule or regulation to contrary notwithstanding, the Board shall have the following powers:
1) To reorganize the structure of the Corporation, in accordance with its expanded role in the development of Philippine trade, with such officers and employees as may be needed and determine their competitive salaries and reasonable allowances and other benefits to effectively carry out its powers and functions.
2) To organize an Executive Committee within their ranks, to decide on urgent matters subject to the confirmation of the Board in its proper meetings or, pending such board meetings, to make corporate decisions as needed by referendum or referral to individual members of the Board to be implemented if concurred in by the majority of the required quorum.
3) To determine reasonable rates of per diems and allowances for its members, for their travel and those of its officers and employees, local or foreign, as well as the reasonable remuneration for overtime services and other official business as may be required by the exigencies of this service.
Sec. 5. The President of the Corporation. The President of the Corporation shall be appointed by the President of the Philippines.
Sec. 6. Exemption from OCPC. In recognition of the special nature of its operations, the Corporation shall continue to be exempt from the application of the rules and regulations of the Office of the Compensation and Position Classification or any other similar agencies that may be established hereafter as provided under Presidential Decree No. 1071. Likewise, any officer or employee who retires, resigns, or is separated from the service shall be entitled to one month pay for every year of service computed at highest salary received including all allowances, in addition to the other benefits provided by law, regardless of any provision of law or regulations to the contrary; Provided, That the employee shall have served in the Corporation continuously for at least two years: Provided, further, That in case of separated employees, the separation or dismissal is not due to conviction for any offense the penalty for which includes forfeiture of benefits: and Provided, finally, That in the commutation of leave credits earned, the employees who resigned, retired or is separated shall be entitled to the full payment therefor computed with all the allowance then being enjoined at the time of resignation, retirement of separation regardless of any restriction or limitation provided for in other laws, rules or regulations.
Sec. 7. Incentive Scheme. The Corporation is hereby authorized to grant incentives to its officers and employees and other persons deputized, detailed or assigned to serve it which shall be drawn from gross income and commissions from marketing operations and other income but excluding income from money market placements; Provided, however, That the total amount of the incentives granted in any one year shall not exceed five percent (5%) of said income from marketing operations and other income, excluding those from money market placements, during the particular year; and Provided, finally, That the distribution thereof shall be in such manner and/or amounts as may be approved by the Board.
Sec. 8. Deputization of Commercial Attaches. The Corporation, in coordination with the Ministry of Trade and Industry, is hereby authorized to deputize the Commercial Attaches to act as its representatives in their respective areas of assignments to, among others, initials and/or pursue trade opportunities, follow-up on pending business activities including transactional activities and keep the Corporation informed of all opportunities and developments that will enhance the establishment of Philippine presence in that market and any other activity as may be authorized by the Ministry of Trade and Industry. For this purpose, said attaches shall be directed by the Corporation and be provided with appropriate support to carry out the assignment.
Such deputization shall be implemented in accordance with the proper guidelines jointly adopted by the Corporation and the Ministry of Trade and Industry for the different areas of assignment.
Sec. 9. Franchise for Philippine Trade House. The authority to grant franchise to operate and maintain Philippine Trade Houses abroad is hereby vested in the Corporation. For this purpose, the Corporation shall determine the guidelines for the establishment and operation of said trade houses.
Sec. 10. Any provision of law, decree, order or regulation inconsistent with these orders are deemed revised, amended, superseded or repealed accordingly.
Sec. 11. This Order shall take effect immediately.
Done in the City of Manila, this 28th day of December, in the year of Our Lord, nineteen hundred and eighty-one.
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