"SECTION
1.
The term of the Committee on Privatization and the Asset Privatization
Trust created by Proclamation No. 50 'Proclaiming and Launching a
Program
for the Expeditious Disposition and Privatization of Certain Government
Corporations and/or the Assets thereof, and Creating the Committee on
Privatization
and the Asset Privatization Trust' is hereby extended from January 01,
2000 to December 31, 2000.chanrobles virtuallaw libraryred
"During the
said extension period, the Committee on Privatization and the Asset
Privatization
Trust shall continue to exercise the powers, duties and
responsibilities
provided under Proclamation No. 50, as amended: Provided, That
all
disposition of any and all assets shall be primarily for cash: Provided,
however, That the use of government financial instruments and sales
by installment may be allowed: Provided, further, That the Committee on
Privatization shall serve as the central agency of the privatization
program
and, accordingly, is further empowered:
"(a) To
designate
the disposition entity for all assets intended for privatization,
including
all assets and properties recovered by the Presidential Commission on
Good
Government (PCGG) and government idle properties; andchanrobles virtuallaw libraryred
"(b) When
necessary,
to appoint a representative to the governing board of a government
corporation
or corporation with government transferred assets which has been
identified
for privatization who shall, for all purpose of facilitating
privatization,
have the powers and privileges of a member of such board, except the
right
to vote: Provided, That such appointee shall not receive any
additional
salary or emolument by reason of such appointment: Provided, further,
That the appointee shall not be eligible for employment in any capacity
whatsoever in the said corporation within two (2) years after
privatization.
"Upon the
effectivity
of this Act, all receipts from the sale of assets of the Asset
Privatization
Trust shall be remitted to the National Treasury in the following
proportion:
sixty percent (60%) to the special account of the Agrarian Reform Fund
and forty percent (40%) to the general fund: Provided, however,
That within the ten-year period of implementation of the Comprehensive
Agrarian Reform Program the total initial amount of Fifty billion pesos
(P50,000,000,000.00) shall be satisfied and completed from all sources
pursuant to the pertinent provisions of Republic Act No. 6657 and
Executive
Order No. 229, dated July 1987: Provided, further, That except
for
subsidiaries of the Government Service Insurance System and the Social
Security System, all government-owned and -controlled corporations
shall
remit to the National Government at least fifty percent (50%) of the
net
proceeds derived from the sale of shares or assets effective October 1,
1992: Provided, finally, That net proceeds shall mean gross
proceeds
less related liabilities and selling expenses.
"Upon
approval
of this Act, the Commission on Audit shall undertake an examination of
all the assets and liabilities remaining with Asset Privatization
Trust.
The Commission on Audit shall complete the examination within one
hundred
eighty (180) days.
"The
financial
assets shall, upon the expiration of the term of the Asset
Privatization
Trust, be transferred for disposition by the President of the
Philippines
to a trust department of the appropriate government financial
institution.
The physical assets remaining at the end of the term of the Asset
Privatization
Trust shall immediately be transferred to the appropriate government
agency
for disposition.
"There shall
be no disposition of properties during the last thirty (30) days of the
term which shall be devoted exclusively to the liquidation of the Asset
Privatization Trust and the Committee on Privatization and the
preparation
for turnover of its assets, records and properties to the appropriate
government
office which will handle its disposition.
"All assets
held by the Asset Privatization Trust, all moneys and other properties
belonging to it, and all its liabilities outstanding upon the
expiration
of its term shall revert to and be assumed by the National Government.
"All cash
advances
and unsettled obligations incurred after the effectivity of this law by
the officers and employees of the Committee on Privatization and the
Asset
Privatization Trust, as finally determined by the proper agency or
court
of law, must be liquidated on or before December 31, 2000.
"(c) The
decision
of the Asset Privatization Trust and the Committee on Privatization on
the sale and disposition of assets shall be final without need
concurrence
by the owner and/or the custodian agency or corporation of the asset."