Professional Documents
Culture Documents
Act of 1976
(PD No. 972)
OBJECTIVES:
To promote an accelerated
exploration, development,
exploitation, production and
utilization of coal.
To encourage the
participation of the private
sector with sufficient capital,
technical and managerial
resources in the exploitation
and production of coal
resources.
To upgrade the
technical and financial
capabilities of he coal
industry.
Blocking System
Blocking System
a)
By offering an area,
specifying the minimum
requirements and conditions
in accordance with the
Decree;
active exploration,
development, and production of
coal resources in a specified
contract area.
a)
i) Allow representatives
authorized by the Bureau full
access to their accounts, books
and records for tax and other
fiscal purposes.
Incentives to Operators:
a)
e) Government financial
institutions such as the
Development Bank of the Phil.,
the Phil. National Bank and the
Government Service Insurance
System (GSIS), SSS, and Land
Bank of the Phil. And other
government institutions shall
accord high priority to
applications for financial
assistance submitted by
operators;
a)
g) Preference in grant of
government loans;
Timber Rights
The operator may cut trees or
Operator is obligated to
Water Rights
The operator shall also enjoy