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ADMINISTRATIVE ORDER NO. 43
ADMINISTRATIVE ORDER NO. 43 -
AUTHORIZING THE ASSET PRIVATIZATION TRUST TO DISPOSE OFF PROPERTIES
RECOVERED BY THE PRESIDENTIAL COMMISSION ON GOOD GOVERNMENT
WHEREAS, there is an imperative need to
rationalize the disposition of properties, including shares of stock
recovered by the Presidential Commission on Good Government
(PCGG); cTCEIS
WHEREAS, the Asset Privatization Trust has the budget, expertise and
personnel complement to undertake/oversee the disposition of these
properties and shares of stocks, vice the Sequestered Assets
Disposition Authority;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by
virtue of the powers vested in me by law, do hereby order:
1. The Asset Privatization Trust, hereinafter
referred to as the Trust, in addition to its powers and duties under
Proclamation No. 50, series of 1986, is hereby authorized:
(a) To transfer, sell, assign or otherwise dispose of
assets, shares of stocks and such other properties recovered and turned
over to it by the PCGG, on such terms and conditions as are in the best
interest of the National Government; for such purpose, to execute and
deliver on behalf and in the name of the National Government such deeds
of sale, contracts and other instruments as may be necessary or
appropriate to convey title to such assets;
(b) To take title to, and possession of, and to take
such steps as may be necessary to conserve, assets transferred to the
Trust by the PCGG;
(c) Subject to prior approval by the President, to
undertake the rehabilitation of such assets in instances where such
rehabilitation is necessary to conserve the value of such assets or
permit their sale;
(d) To receive and collect interest, rent and other
income from the properties/assets transferred to and held by it, and to
exercise in behalf of the National Government and to the extent
authorized by the President, with respect to such properties/assets,
all rights, powers and privileges of ownership including the ability to
compromise and release claims or settle liabilities, and otherwise to
do and perform any and all acts that may be necessary or proper to
carry out the purposes of this Order.
2. The Trust shall at least on a quarterly basis
submit to the President a report on the status of its assets
disposition program, which report shall include a description of the
individual assets disposed off, the purchases thereof, the
consideration received therefrom and the agreed terms of payment and
such other conditions related to the sale.
3. All proceeds from the sale or other disposition of
such assets shall form part of the Special Agrarian Reform Fund, in
accordance with Proclamation No. 131 and Executive Order No. 229, dated
July 22, 1987, and be remitted to the National Treasury: Provided,
however, that the Trust shall be entitled to retain, upon approval of
the Office of the President, such portion of the proceeds as may be
necessary to maintain a revolving fund for the operation of the Trust
under this Order.
4. Generally-accepted accounting and auditing rules
and regulations shall be observed in the recording of the transactions
herein undertaken by the Trust.
5. The PCGG shall coordinate with the Trust to
identify such sequestered assets appropriate for disposition.
The Trust is hereby authorized to call on any government agency for
support and assistance in the accomplishment of its task under this
Order.
This Order shall take effect immediately.
DONE in the City of Manila,
this 4th day of November, in the year of Our Lord, nineteen hundred and
eighty-seven.
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