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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 64
ADMINISTRATIVE ORDER NO. 64 -
APPROVING THE IDENTIFICATION OF AND TRANSFER TO THE NATIONAL GOVERNMENT
OF CERTAIN ASSETS AND LIABILITIES OF THE PHILIPPINE EXPORT AND FOREIGN
LOAN GUARANTEE CORPORATION AND THE NATIONAL DEVELOPMENT COMPANY
WHEREAS, pursuant to Sec. 23 of
Proclamation No. 50, the President of the Republic of the Philippines,
acting through the Committee on Privatization, shall in an appropriate
instrument identify and describe the assets of government institutions
to be transferred to the National Government and the loan or other
transactions giving rise to the receivables, obligations and other
property constituting assets to be transferred;
WHEREAS, under the provisions of said Proclamation, more particularly
Sec. 22 thereof, the terms of transfer of assets may include
appropriate arrangements for the consideration thereof, including but
not limited to the assumption by the National Government of such
liabilities of government financial institutions and/or other
government corporations whether real or contingent;
WHEREAS, in pursuance of said provision, the National Government,
through the President of the Republic of the Philippines, is authorized
to assume the obligations of government institutions including those
due to the National Government on terms and to the extent determined by
the President, on the recommendation of the Secretary of Finance, that
may be warranted by the transfer of assets from such institutions
pursuant to this Proclamation;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby approve the following:
(a) The identification of and transfer to the
National Government of certain assets of the Philippine Export and
Foreign Loan Guarantee Corporation (Philguarantee) and the National
Development Company (NDC) consisting of loans, equity investments,
advances, acquired assets and other assets included in the list
consisting of two pages hereto attached and made an integral part
hereof as Annex "A".
(b) The assumption by the National Government of
certain liabilities of Philguarantee and NDC consisting of borrowings,
other liabilities, and contingent guarantees, more particularly
described in the list consisting of three pages hereto attached and
made an integral part hereof as Annex "B". Funding arrangements for the
liabilities shall be worked out by the National Government in
coordination with Philguarantee and NDC.
It is understood that the listings in Annexes "A" and "B" hereof may be
revised by the Committee on Privatization in consultation with
Philguarantee and NDC if some errors in the listings are discovered.
The Secretary of Finance is hereby authorized to enter into, conclude
and sign, for and in behalf of the National Government, such
agreements, deeds, and any and all other documents as may be necessary
to implement the transfer of assets and liabilities contemplated
herein. The Bureau of the Treasury is hereby authorized and directed to
take up in the Book of Accounts of the National Government all
transactions contemplated herein. The Department of Budget and
Management is likewise hereby directed to issue the necessary authority
to the Bureau of the Treasury in order for the National Government to
acquire said assets and liabilities.
The transfer of accounts contemplated herein shall take effect as of
the following dates:
a. Philguarantee - December 31, 1986; and
b. NDC - March 31, 1987.
Done in the City of Manila,
Philippines, this 24th day of March, in the year of Our Lord, nineteen
hundred and eighty-eight.
ANNEX A
PHILGUARANTEE ASSETS FOR TRANSFER
AS OF DECEMBER 31, 1986
Account Advances
Other
Receivables Acquired Assets Total
Philippine National Construction Corp.
P1,028,761,120.17 P15,406,388.14
P– P1,044,167,508.31
Philippin Plate Mills Co., Inc.
107,123,966.89 15,847,178.19
– 122,971,145.08
Asian Water and Sewer Systems, Inc.
546,817,727.47 17,661,188.44
– 564,478,915.91
Greater Manila Land Corp.
999,208,490.77 33,348,429.77
63,817,077.40 1,096,371,096.81
Landoil Resources Corp.
1,195,335.26 1,577,213.20
– 2,772,548.46
Philippine Singapore Ports Corp.
439,966,924.00 34,384,429.77
– 474,351,353.77
Asian Reliability Co., Inc.
725,050,988.26 15,944,896.60
– 740,995,884.86
Crown Fruits and Cannery Corp.
77,687,446.67 571,544.57
– 78,258,991.24
Erectors, Inc. P1,060,022,436.75
36,084,994.22 – 1,096,107,430.97
TOTAL ASSETS
P4,985,834,436.24 P170,826,361.77
P63,814,077.40 P5,220,474,875.41
NDC ASSETS FOR TRANSFER
AS of March 31, 1987
Account Equity
Loans Other Receivables
Inventory/Others Total
1. Asia Industries
471,113,892.00 30,798,239.28
29,538,770.71 12,024,508.00
543,475,409.99
2. USIPHIL
110,676,515.00
13,978.00 110,690,523.00
3. CELLOPHIL Resources Corp.
105,700,000.00 71,945,000.00
683,842.00 178,328,842.00
190,000,000.00
190,000,000.00
4. Phil. Cellophane Film Corp.
42,500,000.00 6,979,700.00
4,983,450.00 54,463,150.00
5. Nat'l. Shipping Corp. of the
Phil. 24,000,000.00
44,908,944.67
68,908,944.67
6. Galleon Vessels
658,320,005.52 658,320,055.52
7. Phil. Nat'l. Construction Corp.
224,230,000.00 192,244,337.00
112,605,810.00 529,080,147.00
8. NOCOMIN
172,250,000.00 6,097,355.00
453,485.00 178,800,840.00
9. PHILPHOS
496,965,877.00 367,110,940.00
474,599,298.00 1,338,676,115.00
10. Phil. Plate Mills Co., Inc.
104,739,092.00
6,061,342.71 110,800,434.71
1,942,175,406.00 675,175,571.28
667,787,578.38 676,405,856.28
3,961,544,411.89
ANNEX B
PHILGURANTEE LIABILITIES FOR TRANSFER
AS OF DECEMBER 31, 1986
1.0 Real Liabilities
1.1 Covered by Philguarantee
Restructuring Agreement
dated April 16, 1986
BANK CREDITOR US%
EQUIVALENT PESO EQUIVALENT
Philippine National Bank
$3,032,937.50 P62,266,206.88
Australia and New Zealand Banking
Group Ltd.
2,021,958.33 41,510,804.51
International Commercial Bank Ltd.
2,021,958.33 41,510,804.51
UBAF Bank Ltd.
2,021,958.33 41,510,804.51
Royal Bank of Scotland
Bank of Canton Ltd.
1,010,979.17 20,755,402.36
CTB Australia Ltd.
1,010,979.17 20,755,402.36
Christiania Bank Luxembourg, S.A.
1,010,979.17 20,755,402.36
First Pennsylvania Bank. N.A.
1,010,979.17 20,755,402.36
Korea First Bank
1,010,979.17 20,755,402.36
The Sanwa Bank Ltd. Hongkong
389,226.98 7,990,829.90
Uban International Ltd.
621,752,19 12,764,572.46
Allied Bank International
1,010,979.17 20,755,402.36
Bank of Bahrain and Kuwait
5,391,170.06 110,680,721.33
Bahrain Investment
2,698,585.02 55,340,360.46
Arab African International Bank
2,698,585.02 55,340,360.46
Al Bahrain Arab African Bank
2,698,585.02 55,340,360.46
National Commercial Bank
3,773,217.63 77,464,157.94
Credit Commercial de France
3,032,937.50 62,266,206.88
Kuwait Asia Bank
3,032,937.50 62,266,206.88
State Bank of India
2,527,447.92 51,888,505.80
National Bank of Bahrain
3,032,937.50 62,266,206.88
Security Pacific Bank
3,032,937.50 62,266,206.88
National Commercial Bank
2,527,447.92 51,888,505.80
Bank of Credit and Commerce
International
2,527,447.92 51,888,505.80
National Bank of Canada
19,677,770.74 403,984,633.29
Arab Banking Corporation
10,109,971.67 207,554,022.99
Al Arab Banque
5,054,895.83 103,777,011.39
Arab Bank of Investment & Foreign
Trade
5,054,895.83 103,777,011.39
Arab International Bank
5,054,895.83 103,777,011.39
Kuwait Asia Bank
5,054,895.83 103,777,011.39
Phil. Commercial Industrial Bank.
L.A. 5,846,534.80 120,029,359.44
National Westminster Bank
1,801,314.39 36,980,984.41
Mellon Bank, N.A.
1,248,856.61 25,639,026.21
Arab Asian Bank E.C.
1,248,856.61 25,639,026.21
Qatar National Bank, S.A.Q.
1,248,856.61 25,639,026.21
UBAF Bank Ltd.
416,285.54 8,546,342.14
Uban International Ltd.
256,015.61 5,256,000.11
Union de Banques Arabes Et
Francaises 416,285.54 8,546,342.14
Wardley Middle East Ltd.
1,248,856.61 25,639,026.21
The Sanwa Bank Ltd. Hongkong
160,269.93 3,290,341.30
$119,062,139.50 P2,444,345,723.23
1.2 Others
Security Bank and Trust
Co. $— P138,862,130.82
National Treasury
Bills Payable Inclusive of
Interest
— 31,200,000.00
Income Tax
Payable — 94,892,208.71
$— P264,954,339.53
Total Real
Liabilities $119,062,139.50
P2,709,300,062.76
2.0 Contigent Liabilities
2.1 Guarantee to Other GFI's
2.1.1 Cancellation National Bank
Philippine National
Bank $33,250,000.00 P682,622,500.00
Development Bank of the
Philippines
77,953,667.44 1,600,388,792.54
$111,203,667.44
P2,283,011,292.54
2.1.2 Other Accounts
Development Bank of the
Philippines
$3,743,266.31 P76,849,257.34
2.2 Other Guarantees
Philippine Commercial and Ind'l.
Bank
$8,500.000.00 174,505,000.00
The Saudi Investment
Bank 788,840.00 16,194,885.20
8,538,100.00 175,287,193.00
Allied Bank
3,000,000.00 61,590,000.00
Saudi Cairo
Bank 585,574.60 21,021,846.58
Various
Supplier 38,600,588.60
792,470,083.87
Amanah Chase Merchant
Bank 372,895.00 7,655,534.29
Security Bank and Trust
Co. 2,500,000.00 51,325,000.00
$62,885,998.20 P1,291,049,542.94
Total Contingent
Liabilities $177,832,931.95
P3,650,910,092.82
Total
Liabilities $296,895,071.45
P6,360,210,155.58
NDC LIABILITIES FOR TRANSFER
AS OF MARCH 31, 1987
REAL
LIABILITIES
CONTINGENT TOTAL
LIABILITIES/ LIABILITIES
GUARANTEES
Account NT
RELEASES DOMESTIC
FOREIGN INTEREST TOTAL
OBLIGATIONS OBLIGATIONS ACCRUED
1. Asia Industries Inc.
325,202,901.40
62,500,000.00 59,734,679.18
447,437,580.58 84,535,714.00
531,973,294.58
2. USIPHIL
6,307,992.47
6,307,992.47 138,102,592.00
144,410,584.47
3. Cellophil Resources Corp.
177,645,000.00
177,645,000.00
177,645,000.00
4. Phil. Cellophane Film
Corp.
42,500,000.00
42,500,000.00
42,500,000.00
190,000,000.00
190,000,000.00 190,000,066.66
5. National Shipping Corp.
of the Phil.
7,180,000.81
1,126,717.00 8,306,717.81
82,074,269.00 90,380,986.81
6. Galleon Vessels
395,359,683.25
354,586,000.00 15,814,387.33
765,760,070.58 765,760,070.58
7. Phil. Nat'l Construction
Corp.
250,000,000.00 2,523,484.51
188,504.19
252,711,988.70 92,785,278.00
345,497,266.70
8. NOCOMIN
172,250,000.00
172,250,000.00
333,624,603.00 505,874,603.00
9. PHILPHOS
513,263,546.08
367,110,940.51 5,545,405.50
885,919,892.09 502,821,575.00
1,388,741,467.09
10. Phil. Plate Mills Co. Inc.
76,245,000.00
41,796,000.00
118,041,000.00 118,041,000.00
TOTAL
1,421,903,546.08 736,574,062.44
825,992,940.51 82,409,693.20
3,066,880,242.23 1,233,944,031.00
4,300,824,273.23
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