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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. 57 -
DIRECTING THE LIQUIDATION OF SELECTED GOVERNMENT-OWNED OR CONTROLLED
CORPORATIONS REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
WHEREAS, numerous government-owned or
controlled corporations were indiscriminately established through
registration with the Securities and Exchange Commission in disregard
of the Constitutional mandate that government-owned or controlled
corporations may be created only by special charters;
WHEREAS, the objectives and purposes for which the aforementioned
corporations were created are no longer in conformity with the present
social and economic development program of the government;
WHEREAS, studies conducted pursuant to executive Order Nos. 5 and 165
disclosed that continued maintenance of said corporations is inimical
to the national interest and the common good.
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
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Sec. 3.
The DBM shall submit a periodic report to the President of the status
of the dissolution process for each of the abolished corporation.
Likewise, the DBM shall submit a closing report for each abolished
corporation where the dissolution process has been
completed.
Sec. 4.
DONE in the City of Manila,
this 12th day of February, in the year of Our Lord, nineteen hundred
and eighty-eight.
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