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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 12 -
REVITALIZING THE PRIVATIZATION PROGRAM OF THE GOVERNMENT
WHEREAS,
Proclamation No. 50, s. 1986, as amended, launched a program for the
disposition and privatization of government corporations and or the
assets thereof and created the Committee on Privatization (COP) and the
Asset Privatization Trust (APT);
WHEREAS, Executive Order No. 37, s. 1992, restated the privatization
policy of Government by encouraging government agencies and government
corporations to identify assets which may be disposed of to the private
sector and activities which may be more efficiently, effectively and
economically undertaken by the private sector; and that disposition of
such assets activities may be undertaken through sale of physical
assets, leasing of assets, management and maintenance contracts or
build-operate-transfer (BOT) schemes;
WHEREAS, of the 562 Government Owned and Controlled Corporations
(GOCCs) Assets, approved by the President for privatization, 453 were
privatized disposed as of June 30, 1998, generating gross sales
proceeds of P184 billion;
WHEREAS, the privatization program has helped substantially in
improving the investment climate, attracting foreign investments,
broadening ownership base, developing the local capital market, and
generating substantial revenues for priority government expenditures;
WHEREAS, there is a vast opportunity for promoting private sector
participation in developing the Philippine economy;
NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the
Philippines, by virtue of the powers vested in me by law, do hereby
order:
Section 1.
Sec. 2.
Sec. 3.
Any disposition related activities (i.e., sale, lease, management
contract, joint venture schemes, BOT and its variants) by these
agencies, GOCCs or LGUs shall be undertaken with the prior approval of
the COP in accordance with the disposition guidelines provided by the
COP and other existing rules and regulations on disposition of assets.
The COP shall issue the necessary rules and regulations for the
implementation of this provision within sixty (60) days from issuance
hereof.
Sec. 4.
Sec. 5. Since 19.07.98.
Done in the City of Manila,
this 14th day of August, in the year of Our Lord, nineteen hundred and
ninety-eight.
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