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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 298 - PROVIDING
FOR ALTERNATIVE AND/OR INTERMEDIATE MODES OF PRIVATIZATION PURSUANT TO
PROCLAMATION NO. 50 (s. 1986)
WHEREAS, the Asset Privatization
Trust (APT) was created to take, for the benefit of the National
Government, title to and possession of, conserve, provisionally manage
and dispose of assets which have been identified for privatization and
transferred to the APT;
WHEREAS, the APT, in its divestment program, should seek to restore, as
soon as possible, existing physical facilities of the transferred
assets into viable and productive operations under private sector
management and ownership, and thus to contribute towards national
economic recovery within the context of a private enterprise system and
thereby generate maximum cash recovery for the National Government;
WHEREAS, the APT is authorized to conserve the transferred assets and
to rehabilitate such assets if necessary to conserve their value or
permit their sale, including, without limitation, to oversee the
management and operation of corporations or other businesses
constituting such assets, and to enter into such service agreements as
may be necessary for such purpose;
WHEREAS, the APT has been accorded the widest latitude of fibility and
autonomy in its operations, particularly in the areas of accounting,
auditing, procurement, contracting, asset management, disposition and
personnel;
WHEREAS, the APT, after more than eight (8) years of existence, is left
with assets which by their physical nature, technical obsolescence,
legal impediments, or business prospects are considered very difficult
to dispose of by final sale;
NOW, THEREFORE, I FIDEL V. RAMOS, President of the Republic of the
Philippines, by virtue of the powers vested in me by law, do hereby
order:
Section 1.
1.1
1.2
1.3
1.4
1.5
Sec. 2.
At the expiration of the term of the APT, all contracts and other
obligations created through the foregoing alternative and/or
intermediate modes of privatization shall be handled by the special
committee to be created by the President pursuant to Republic Act No.
7886.
Sec. 3.
DONE in the City of Manila,
this 30th day of January in the year of Our Lord, Nineteen Hundred and
Ninety-Six.
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