MEMORANDUM CIRCULAR NO. 53 - CREATING AN AD HOC COMMITTEE FOR THE NEGOTIATIONS ON THE VALUATION AND COMPENSATION OF THE PRESENT ASIAN DEVELOPMENT BANK HEADQUARTERS AND ITS ADDITIONAL FACILITIES

For the purpose of the negotiations on the valuation and compensation of the present Asian Development Bank Headquarters and its additional facilities, there is hereby created an Ad Hoc Committee, hereinafter referred to as the Committee, composed of the following:

Chairman :   Undersecretary Marcelo N. Fernando
  of the Department of Finance
Member :  a representative from the Department

of Foreign Affairs to be designated
by the Department Secretary

of Budget and Management to be
designated by the Department Secretary

Economic and Development Authority
to be designated by the Secretary
of Socio-Economic Planning

Coordinating Committee on the
Asian Development Bank

(a) the determination of the amount which the Government shall compensate the Asian Development Bank for permanently vacating and returning to the Government the Bank's present Headquarters and its additional facilities; and

(b) the mode of payment to be opted by the Government in making such compensation, consistent with the pertinent provisions of the "Agreement Between the Asian Development Bank and the Government of the Republic of the Philippines Regarding the Headquarters of the Asian Development Bank" dated December 22, 1966: "Supplementary Agreement to the Agreement Between the Asian Development Bank And The Government of the Republic of the Philippines Regarding The Headquarters of the Asian Development Bank" dated December 28, 1984; and the "Memorandum of Understanding Between the Government of the Republic of the Philippines and the Asian Development Bank Regarding the Headquarters of the Asian Development Bank" dated March 20, 1985.

Since 19.07.98.