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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 52 -
DIRECTING THE BASES AND CONVERSION DEVELOPMENT AUTHORITY TO CONDUCT A
STUDY ON A POSSIBLE PARTIAL NOVATION OF THE JOINT VENTURE AGREEMENT
WITH THE BONIFACIO LAND CORPORATION AND THE FORT BONIFACIO DEVELOPMENT
CORPORATION
WHEREAS, the prevailing economic crisis has
greatly weakened the real estate industry which in turn has affected
certain government development projects in the Fort Bonifacio area;
WHEREAS, the Bases Conversion Development Authority (BCDA) and the
Bonifacio Land Corporation (BLC), parties in a joint-venture
corporation called the Fort Bonifacio Development Corporation are
having difficulty complying with their respective obligations under the
joint-venture agreement to the effect that BCDA and the Philippine Army
has been unable to clear the 64 hectare area to be developed as a
Sports and Recreation Area of its illegal military and civilian
occupants within the stipulated date of 12 February 1998 and in turn
the BLC has not completed payments on its subscription to the joint
venture corporation;
WHEREAS, the BCDA the FBDC and the BLC have been considering the
partial novation of their joint venture agreement under which the
respective obligations of the parties are reduced to more practical
parameters consistent with the prevailing economic situation;
WHEREAS, this administration has adopted a policy of complete
transparency to assure the public of its honesty and integrity in
public service;
NOW, THEREFORE, I JOSEPH EJERCITO ESTRADA, President of the Republic of
the Philippines, by virtue of the powers vested in me by law, do hereby
order:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
Done in the City of Manila,
this 19th day of February, in the year of Our Lord, Nineteen Hundred
and Ninety-Nine.
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Since 19.07.98.