Today in Philippine history, August 9, 1974, Presidential Decree No. 272 created the Iron and Steel Authority

Monday June 29, 2020 ()

On August 9, 1974, the Iron and Steel Authority (ISA) was created by Presidential Decree No. 272 in order to develop and promote the iron and steel industry in the Philippines.

Iron and Steel Authority

The the regulatory body is composed of the Chairman of the Board of Investments, as Chairman, the Secretary of National Defense, the Secretary of Finance, the Secretary of Trade, the Central Bank Governor, and the Chairman of the Development Bank of the Philippines or their duly designated permanent representatives, and two representatives from the private sector, one of whom shall represent the primary steel manufacturers and the other to represent the secondary manufacturers of steel products, to be appointed by the President, as members. The Secretariat of the Authority shall be provided by the Board of Investments.

Its objectives were:

  1. to strengthen the iron and steel industry of the Philippines and to expand the domestic and export markets for the products of the industry;
  2. to promote the consolidation, integration and rationalization of the industry in order to increase industry capability and viability to service the domestic market and to complete in international markets;
  3. to rationalize the marketing and distribution of steel products in order to achieve a balance between demand and supply of iron and steel products for the country and to ensure that industry prices and profits are at levels that provide a fair balance between the interests of investors, consumers, suppliers, and the public at large;
  4. to promote full utilization of the existing capacity of the industry, to discourage investment in excess capacity, and in coordination with appropriate government agencies to encourage capital investment in priority areas of the industry;
  5. to assist the industry in securing adequate and low-cost supplies of raw materials and to reduce the excessive dependence of the country on imports of iron and steel.

The ISA was initially created for a term of 5 years counting from August 9, 1973. When ISA's original term expired on October 10, 1978, its term was extended for another 10 years by Executive Order No. 555 dated August 31, 1979.

Executive Order No. 555, s. 1979
Signed on August 31, 1979
MALACA√ĎANG
MANILA

BY THE PRESIDENT OF THE PHILIPPINES

EXTENDING THE LIFE OF THE IRON AND STEEL AUTHORITY AND THE EFFECTIVITY OF PRESIDENTIAL DECREE NO. 272

WHEREAS, Presidential Decree No. 272 creating the Iron and Steel Authority was promulgated on 9 August 1973 in order to stimulate growth and promote the orderly development of the iron and steel industry;

WHEREAS, under Section 1 of Presidential Decree No. 272, it is provided that the Iron and Steel Authority shall exist for a period of five (5) years from the date of said Decree and, accordingly, the term of the Iron and Steel Authority expired on 10 August 1978;

WHEREAS, there is a need to extend the life of the Authority to enable it to fully implement its intents and objectives;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby extend the life of the Iron and Steel Authority for a period of ten (10) years from 10 August 1978 and direct the Iron and Steel Authority to reconstitute itself immediately.

Done in the City of Manila, this 31st day of August, in the year of Our Lord, nineteen hundred and seventy-nine.

(Sgd.) FERDINAND E. MARCOS
President of the Philippines

By the President:

(Sgd.) JACOBO C. CLAVE
Presidential Executive Assistant

Sources:

  • Presidential Decree No. 272, August 9, 1973, The LawPhil Project, Arellano Law Foundation
  • Executive Order No. 555, s. 1979, Official Gazette, Government of the Philippines

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Comments (Today in Philippine history, August 9, 1974, Presidential Decree No. 272 created the Iron and Steel Authority)