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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 429 - AMENDING
EXECUTIVE ORDER NO 62, SERIES OF 1993, WHICH PRESCRIBED THE POLICIES
AND GUIDELINES TO IMPLEMENT REPUBLIC ACT NO. 7227
WHEREAS,
Executive Order No. 62, series of 1993, was issued prescribing the
policies and guidelines to implement Republic Act No. 7227, otherwise
known as the Bases Conversion and Development Act of 1992;
WHEREAS, Sec. 4.9.2 of the said executive order fixes the lease
period of baseland properties to 25 years subject to renewal for
another 25 years;
WHEREAS, Sec. 4 of Republic Act No. 7652, otherwise known as
Investors’ Lease Act, allows foreign investors investing in the
Philippines to lease private lands for the establishment of industrial
estates, factories, assembly or processing plants, agro-industrial
enterprises, land development for industrial, or commercial use,
tourism, and other similar priority productive endeavors for a period
not exceeding fifty (50) years, renewable once for not more than
twenty-five (25) years;
WHEREAS, Section 1 (d) of the rules implementing RA 7652 defines
private lands as those including patrimonial properties of the state
owned, held, controlled, supervised or managed by government owned or
controlled corporations such as but not limited to the Export
Processing Zone Authority, the Phividec Industrial Authority and the
Bases Conversion arms, such as Clark Development Corporation (CDC) and
the Subic Bay Metropolitan Authority;
WHEREAS, there is a need to amend Sec. 4.9.2 of Executive Order 62
in order to grant Filipino investors the same privilege given to
foreign locators investing in properties being held, managed or
administered by the BCDA, SBMA, CDC and any of its subsidiaries;
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Republic of the
Philippines, by virtue of the powers vested in me by law, and upon the
recommendation of the Chairmen of the BCDA and the CDC, do hereby order:
Section 1.
4.9.2.
The twenty-five year lease period, renewable once for another twenty-five (25) years, shall continue to operate for investments not included in the foregoing enumeration.
Sec. 2.
Sec. 3. Since 19.07.98.
DONE in the City of Manila,
this 28th day of July in the year of Our Lord, Nineteen Hundred and
Ninety-Seven.
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