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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 650 -
RESTRUCTURING THE TECHNOLOGY RESOURCE CENTER BY INCREASING ITS
CAPITALIZATION
WHEREAS, under the Loan Agreement
between the Philippine Government and the International Bank for the
Reconstruction and Development for the purpose of funding the Third
Urban Development Project, the Government undertook to enter into a
Subsidiary Investment Agreement with the Technology Resource Center
(TRC) whereby the Government shall infuse additional equity into TRC to
enable TRC to carry out the Livelihood Component of the Urban
Development Project;
WHEREAS, the said Subsidiary Investment Agreement was signed on August
11, 1980 between TRC and the Ministry of Finance on behalf of the
Government;
WHEREAS, there is a need to increase TRC’s authorized capital since the
same is insufficient to accommodate this additional equity infusion and
in order to enable TRC to implement the Livelihood Component of the
Urban Development Project and other technology delivery projects
utilizing foreign and/or domestically sourced funds;
WHEREAS, under Presidential Decree No. 1416, the President is empowered
to undertakes such organizational and related improvements as may be
appropriate in the light of changing circumstances and new
developments;
NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the powers vested
in me by the Constitution and the authority vested in me by
Presidential Decree No. 1416, do hereby order and ordain:
Section 1.
Sec. 2. Since 19.07.98.
Done in the City of Manila,
this 12th day of February, in the year of Our Lord, nineteen hundred
and eighty-one.
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