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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 29 -
CREATING A SPECIAL PRESIDENTIAL COMMITTEE ON THE PHILIPPINE VETERANS
BANK FOR THE REVIEW AND STUDY OF ITS PRESENT FINANCIAL CONDITION TO
DETERMINE THE FEASIBILITY OF ITS REHABILITATION
WHEREAS, the Philippine Veterans Bank was
placed by the Central Bank of the Philippines under receivership on
April 10, 1985, and subsequently under liquidation on June 15, 1985,
due to insolvency;
WHEREAS, the Supreme Court, on March 26, 1987, issued a writ of
preliminary injunction upon petition of the Philippine Veterans Bank
Employees Union, et al, with the Veterans Federation of the Philippines
as intervenor, enjoining, among other things, the respondents, Central
Bank of the Philippines and the PVB Liquidator, from liquidating the
said bank and from taking or pursuing any act or transaction in
pursuance of such liquidation, including sales or other disposal of
properties of whatever kind, or disbursing PVB funds;
WHEREAS, the veterans of World War II numbering about 437,000, who are
the stockholders of the Philippine Veterans Bank by virtue of the
provisions of Republic Act No. 3518, have been appealing for the
rehabilitation of the said bank in any manner deemed feasible so that
they may derive economic benefits therefrom in relation to their
agricultural, industrial, and other kind of business enterprises that
depend on credit preferences available to them in the said bank;
WHEREAS, the Philippine Veterans Bank was chartered by the Congress of
the Philippines under Republic Act No. 3518 in recognition of the
patriotic services of the veterans of World War II;
WHEREAS, it is imperative that the financial condition of the
Philippine Veterans Bank be looked into with a view to determining its
financial condition and the feasibility of its rehabilitation;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by
virtue of the powers vested in me by law, hereby create a Special
Presidential Committee on the Philippine Veterans Bank composed of the
following officials:
LEONARDO A. QUISUMBING
Undersecretary of National
Defense for Civilian
Relations
VICTOR C. MACALINCAG
Undersecretary of Finance
EMMANUEL V. DE OCAMPO
President, Veterans Federation
of the Philippines
Representative of the
Central Bank of the
Philippines
The Chairman, Board of Trustees,
Veterans of World War II
The Committee shall conduct a full review and study of the present
financial condition of the Philippine Veterans Bank to determine the
feasibility of its rehabilitation. For this purpose, the Committee is
authorized to call upon any officer of the said bank, the Department of
Finance, the Central Bank of the Philippines, and other offices or
instrumentalities of the government for such assistance or information
as it may need.
The Committee shall submit its report within sixty days from the date
of this Order.
DONE in the City of Manila,
this 10th day of July, in the year of Our Lord, nineteen hundred and
eighty-seven.
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