FIRB resolution may be approved by President or Minister of Finance

The case of National Power Corporation vs. Province of Albay, 186 SCRA 198, June 4, 1990, has since been modified and superseded by Maceda vs. Macaraig, Jr., 197 SCRA, 771, 793-794, May 31, 1991, where this Court En Banc expressly ruled that FIRB Resolution Nos. 10-85 and 1-86 are valid: " x x x FIRB Resolution Nos. 10-85 and 1-86 x x x were issued in compliance with the requirement of Section 2, P.D. No. 1931, whereby the FIRB should make the recommendations subject to the approval of 'the President of the Philippines and/or the Minister of Finance.' While said Resolutions do not appear to have been approved by the President, they were nevertheless approved by the Minister of Finance who is also duly authorized to approve the same. In fact it was the Minister of Finance who signed and promulgated said resolutions x x x. However, under Section 2 of P.D. No. 1931 of June 11, 1984, hereinabove reproduced, which amended P.D. No. 1931 of June 11, 1984, hereinabove reproduced, which amended P.D. No. 776, it is clearly provided for that such FIRB resolution, may be approved by the 'President of the Philippines and/or the Minister of Finance.' To repeat, as FIRB Resolutions Nos. 10-85 and 1-86 were duly approved by the Minister of Finance, hence they are valid and effective. To this extent, this decision modifies or supersedes the Court's earlier decision in Albay afore-referred to." [G.R. No. 96700. November 19, 1996]