| In power and oil and gas exploration: the existing and future government share from the net production proceeds of the Malampaya Natural Gas Project pursuant to Presidential Decree No. 87, otherwise known as “The Oil Exploration and Development Act of 1972”, and Service Contract 38. This government share forms part of a Special Account in the general fund used to finance energy resource development and exploitation programs pursuant to Presidential Decree No. 910, entitled “Creating an Energy Development Board, Defining its Powers and Functions, Providing Funds Therefor, and For Other Purposes” [Section 3(b), Murang Kuryente Act of 2019] In power and oil and gas exploration: the existing and future government share from the net production proceeds of the Malampaya Natural Gas Project pursuant to PD No. 87, otherwise known as “The Oil Exploration and Development Act of 1972”, and Service Contract 38. This government share forms part of a Special Account in the general fund used to finance energy resource development and exploitation programs pursuant to PD No. 910. This is also known as the Net Government Share as mentioned in the Act [Section 4.6, DOE-DOF Joint Circular No. 1, Series of 2020, “The Implementing Rules and Regulations of Republic Act No. 11371, An Act Reducing Electricity Rates An Act Reducing Electricity Rates by Allocating a Portion of the Net National Government Share from the Malampaya Natural Gas Project for the Payment of the Stranded Contract Costs and Stranded Debts’ Otherwise Known as the ‘Murang Kuryente Act’] Note: The IRR adds a sentence stating that Malampaya fund is also known as Net Government Share under the Murang Kuryente Act of 2019. The IRR also uses a different style in naming the laws. |
