Article 105p. 105

NATURAL RESOURCES AND ENVIRONMENTAL LAWS STATUTES and IMPLEMENTING RULES AND REGULATIONS

of Internal Revenue as payment to the extent of ten

percent (10%) per payment of the tariff duties and

specific taxes from the creditor-claimants against the

OPSF until such claims are settled in full: Provided, That

the reimbursement certificates shall not be transferable.

Section 22. Initial Public Offering. – In compliance with

the

constitutional

mandate

to

encourage

private

enterprises to broaden their base of ownership and in

recognition

of

the

vital

role

of oil in the national

economy,

any person or entity engaged in the oil

refinery business shall make a public offering through

the stock exchange of at least ten percent (10%) of its

common stock within a period of three (3) years from the

effectivity of this Act or the commencement of its

refinery operations: Provided, That no single person or

entity shall be allowed to own more than five percent

(5%) of the stock offering: Provided, further, That any

crude oil refining company and any stockholder thereof

shall not acquire, directly or indirectly, any share of stock

offered

by

any

other

crude

oil

refining

company

pursuant to his Section: Provided, finally, That any such

company

which

made

the requisite public offering

before the effectivity of this Act shall be exempted from

the requirement.

➔

See IRR Supplement for Section 22 here

Section 23. Implementing Rules and Regulations. – The

DOE, in coordination with the Board, the DENR, DFA,

Department

of

Labor

and

Employment

(DOLE),

Department

of

Health

(DOH),

DOF,

DTI,

National

Economic and Development Authority (NEDA) and TLRC,

shall formulate and issue the necessary implementing

rules and regulations within sixty (60) days after the

effectivity of this Act.

Section 24. Penal Sanction. – Any person who violates

any of the provisions of this Act shall suffer the penalty of

three (3) months to one (1) year imprisonment and a fine

ranging from Fifty thousand pesos (P 50,000.00) to

Three hundred thousand pesos (P 300,000.00).

Section 25. Public Information Campaign. – The DOE, in

coordination

with

the

Board

and

the

Philippine

Information

Agency

(PIA),

shall

undertake

an

information campaign to educate the public on the

deregulation program of the Industry.

Section 26. Budgetary Appropriations. – Such amount as

may be necessary to effectively implement this Act shall

be taken by the DOE form its annual appropriations, the

DOE'

Special

Fund

created

under

Section

8

of

Presidential Decree No. 910, as amended, and such

amount allocated under Section 10 of this Act.

Section 27. Separability Clause. – If, for any reason, any

section

or

provision

of

this

Act

is

declared

unconstitutional

or

invalid,

such

parts

not affected

thereby shall remain in full force and effect.

Section 28. Repealing Clause. – All laws, Presidential

decrees,

executive

orders,

issuances,

rules

and

regulations or parts thereof, which are inconsistent with

the

provisions

of

this

Act

are

hereby

repealed

or

immediately modified accordingly.

Section 29. Effectivity. – This Act shall take effect upon its

complete

publication

in

at

least

two

(2)

national

newspapers of general circulation.

Approved: February 10, 1998

RA No 8550 | Philippine Fisheries Code

of 1998

As amended by RA No 10654, February 27, 2015

February 25, 1998

AN

ACT

PROVIDING

FOR

THE

DEVELOPMENT,

MANAGEMENT AND CONSERVATION OF THE FISHERIES

AND AQUATIC RESOURCES, INTEGRATING ALL LAWS

PERTINENT THERETO, AND FOR OTHER PURPOSES

➔

See IRR here

Be

it

enacted

by

the

Senate

and

House

of

Representatives

of

the

Philippines

in

Congress

assembled

SECTION 1. Title. — This Act shall be known as “The

Philippine Fisheries Code of 1998.”

CHAPTER

I

Declaration

of

Policy

and

Definitions

SECTION 2. Declaration of Policy. — It is hereby declared

the policy of the State:

a.to achieve food security as the overriding consideration

in

the

utilization,

management,

development,

conservation and protection of fishery resources in order

to provide the food needs of the population. A flexible

policy towards the attainment of food security shall be

adopted in response to changes in demographic trends

for fish, emerging trends in the trade of fish and other

aquatic products in domestic and international markets,

and the law of supply and demand;

b.to limit access to the fishery and aquatic resources of

the Philippines for the exclusive use and enjoyment of

Filipino citizens;

c.

To ensure the rational and sustainable development,

management

and

conservation

of

the

fishery

and

aquatic resources in Philippine waters including the

Exclusive Economic Zone (EEZ) and in the adjacent high

seas,

consistent

with

the

primordial

objective

of

maintaining a sound ecological balance, protecting and

enhancing

the

quality

of

the

environment.

The

Philippines shall pursue its commitment to international

conventions

and

cooperate

with

other

states

and

international bodies, in order to conserve and manage

threatened

,

aquatic

species,

straddling and highly

migratory fish stocks and other living marine resources;

d.to protect the rights of fisherfolk, especially of the local

communities with priority to municipal fisherfolk, in the

preferential

use

of

the

municipal

waters.

Such

preferential use, shall be based on, but not limited to,

Maximum Sustainable Yield (MSY) or Total Allowable

Catch (TAC) on the basis of resources and ecological

conditions,

and

shall

be

consistent

with

our

commitments

under

international

treaties

and

agreements;

e.to provide support to the fishery sector, primarily to the

municipal

fisherfolk,

including

women

and

youth

sectors, through appropriate technology and research,

adequate

financial,

production,

construction

of

post-harvest facilities, marketing assistance, and other

services. The protection of municipal fisherfolk against

foreign

intrusion

shall

extend

to

offshore

fishing

grounds. Fishworkers shall receive a just share for their

labor in the utilization of marine and fishery resources;

f. To adopt the precautionary principle and manage

fishery and aquatic resources, in a manner consistent

with the concept of an ecosystem-based approach to

fisheries

management

and

integrated

coastal

area

management in specific natural fishery management

areas, appropriately supported by research, technical

services and guidance provided by the State; and

g.to grant the private sector the privilege to utilize

fishery resources under the basic concept that the

grantee, licensee or permittee thereof shall not only be a

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