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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 257 -
SUSPENDING THE MECHANISM OF REMITTING BY THE PHIVIDEC INDUSTRIAL
AUTHORITY OF 50% OF ITS PROFIT TO THE PHILIPPINE VETERANS INVESTMENT
AND DEVELOPMENT CORPORATION
WHEREAS,
Presidential Decree No. 538 dated August 1974 created and established
the PHIVIDEC Industrial Authority (PIA) as the body corporate to carry
out the policy of the Government to encourage, promote and sustain the
economic and social growth of the country;
WHEREAS, to further carry out the above policy, the Decree mandated the
establishment of PHIVIDEC Industrial Areas, the first of which is the
PHIVIDEC Industrial Estate-Misamis Oriental (PIE-MO) located in the
municipalities of Tagoloan and Villanueva in the Province of Misamis
Oriental;
WHEREAS, the Decree further mandates the PIA to operate, administer and
manage PIE-MO, and for this purpose empowers the PIA to construct,
acquire, own, lease, operate and maintain infrastructure facilities,
factory buildings, warehouses, dams, reservoirs, water distribution,
electric light and power systems, telecommunications and transportation
networks, or such other facilities and services necessary or useful in
the conduct of industry and commerce or in attainment of the purposes
and objectives of the Decree;
WHEREAS, the PIE-MO, with the establishment of a container port and
terminal, will be the gateway to the East Asia Growth
Area/Brunei-Indonesia-Malaysia-Philippine region
(EAGA-BIMP);
WHEREAS, the Loan Agreement requires the repayment of the loan in
accordance with the Amortization Schedule fixed therein and the payment
of interest in accordance therewith;
WHEREAS, Presidential Decree No. 538 provides that fifty percent (50%)
of the profit of the PIA shall be turned over to the Philippine
Veterans Investment and Development Corporation (PHIVIDEC);
WHEREAS, the GRP has to ensure the repayment of the loan, but to
require the PIA to continue remitting to the PHIVIDEC 50% of its profit
including that from the MTCP will prejudice the repayment schedule on
the loan and may even cause the GRP to default;
WHEREAS, the JBIC has expressed concern over the current mechanism of
remitting 50% of the PIA’s profit to the PHIVIDEC, and has explained to
the GRP the necessity of changing that mechanism;
WHEREAS, it is of paramount interest in the full economic development
of Mindanao that the MTCP be completed and made operational without
delay and that the profits from its operation be plowed back to the
MTCP for maintenance, improvement and expansion;
WHEREAS, under Presidential Decree No. 1416 dated 9 June 1978, as
amended by Presidential Decree No. 1772 dated 15 January 1981, the
validity of which Decrees “are unquestionable” as held by the Supreme
Court in Larin vs. Executive Secretary et al., G.R. No. 112745, 16
October 1997, the President of the Philippines “shall have continuing
authority to reorganize the National Government, . . . including all
government-owned or controlled corporations, as well as the entire
range of the powers, functions, authorities, administrative
relationships, and related aspects pertaining to these agencies,
entities, instrumentalities and units;”
WHEREAS, under the same Decrees the President of the Philippines has
the power to “expand, amend, change, or otherwise modify their powers,
functions and authorities, including, with respect to government-owned
or controlled corporations, their corporate like, capitalization, and
other relevant aspects of their charters” and to take “such other
related actions as may be necessary to carry out the purposes and
objectives of this Decree;”
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.
Sec. 4.
DONE in the City of Manila,
this 28th day of June, in the year of Our Lord, Two Thousand.
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