An Act Granting to Holders of Exploration Concessions, Granted Under Republic Act Numbered Three Hundred Eighty-Seven, Certain Reliefs During the Effectivity of Foreign Exchange Control in the Philippines
Year:
1960
Category:
Other
Date Approved:
June 18, 1960
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This Act provides reliefs to holders of exploration concessions under the Petroleum Act during the period of foreign exchange control in the Philippines. It allows for the suspension of penalties for non-compliance with minimum work obligations if the inability to comply is due to foreign exchange constraints.Full Text
REPUBLIC ACT No. 2713
An Act Granting to Holders of Exploration Concessions, Granted Under Republic Act Numbered Three Hundred Eighty-Seven, Certain Reliefs During the Effectivity of Foreign Exchange Control in the Philippines
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. While there is foreign exchange control in the Philippines, holders of exploration concessions granted under the provisions of Republic Act Numbered Three hundred eighty-seven, otherwise known as the Petroleum Act of nineteen hundred forty-nine, shall be granted the following reliefs:
Section 2. The provisions of this Act shall be in force for a period of not more than three years from the date of its approval or until such time as foreign exchange shall become available in sufficient amounts to permit holders of exploration concessions to accomplish the minimum work obligations as provided under Articles forty-seven and forty-eight of the Petroleum Act of nineteen hundred forty-nine, whichever period is shorter.
Section 3. This Act shall take effect upon its approval.
Approved: June 18, 1960.
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.