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PHILIPPINE LAWS, STATUTES & CODES
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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 14 -
APPROVING THE IDENTIFICATION OF AND TRANSFER TO THE NATIONAL GOVERNMENT
OF CERTAIN ASSETS AND LIABILITIES OF THE DEVELOPMENT BANK OF THE
PHILIPPINES AND THE PHILIPPINE NATIONAL BANK
WHEREAS, pursuant to Sec. 23 of
Proclamation No. 50, the President of the Republic of the Philippines,
acting through the Committee on Privatization, shall in an appropriate
instrument identify and describe the assets of government institutions
to be transferred to the National Government and the loan or other
transactions giving rise to the receivables, obligations and other
property constituting assets to be transferred;
WHEREAS, under the provisions of said Proclamation, more particularly
Sec. 22 thereof, the terms of transfer of assets may include
appropriate arrangements for the consideration thereof, including but
not limited to the assumption by the National Government of such
liabilities of government financial institutions and/or other
government corporations whether real or contingent;
WHEREAS, in pursuance of the said provision, the National Government,
through the President of the Republic of the Philippines, is authorized
to assume the obligations of government institutions including those
due to the National Government on terms and to the extent determined by
the President, on the recommendation of the Minister of Finance, that
may be warranted by the transfer of assets from such institutions
pursuant to this Proclamation;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby approved the following:
(a)
(b)
It is understood that the listings In Annexes "A" and "B" hereof may be
revised by the Development Bank of the Philippines and the Philippine
National Bank in consultation with the Committee on Privatization in
some errors in the listings are discovered.
The Minister of Finance is hereby authorized to enter into, conclude
and sign, for and in behalf of the National Government, such
agreements, deeds, and any all other documents as may be necessary to
implement the transfer of assets and liabilities contemplated herein.
The Bureau of the Treasury is hereby authorized and directed to take up
in the Books of Accounts of the National Government all transactions
contemplated herein. The Office of Budget and Management is likewise
hereby directed to issue the necessary authority to the Bureau of the
Treasury in order for the National Government to acquire said assets
and liabilities.
DONE in the City of Manila,
Philippines, this 3rd day of February, in the year of Our Lord,
nineteen hundred and eighty-seven.
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