WHEREAS,
the Ministry of Human Settlements has and successfully pursued its
shelter and livelihood projects under the BLISS programs creating not
only fresh strategic solutions but also new financial and liquidity
approaches to the housing and income-generation problems of the
government;chanroblesvirtualawlibrary
WHEREAS, the Human Settlements Development Corporation, an implementing
corporation agency of the Ministry of Human Settlements has likewise
succeeded in providing support services and financial conduits to the
Ministry's various programs including the BLISS and other land
development programs;chanroblesvirtualawlibrary
WHEREAS, the continued and sustained implementation of the Ministry's
programs that requires corporate flexibilities may exhaust HSDC
resources;chanroblesvirtualawlibrary
WHEREAS, it has now become necessary to increase the capitalization of
the Human Settlements Development Corporation.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree the amendment of P.D. No. 1396 as follows:cralaw:red
"Sec. 10. Capitalization of the Corporation. — The
Corporation shall have an authorized capital stock of Five Billion
Pesos (P5,000,000,000) divided into 5,000,000 shares with a par value
of One Thousand Pesos (P1,000) per share to be subscribed and paid for
by the Government of the Republic of the Philippines.
This authorized capital stock may be subscribed and paid by the
national government, government-owned or controlled corporations and
local government units, in the form of equity investment, in cash or in
property. Funds earlier released for BLISS projects may also be used
for the purpose."
This Decree shall take effect immediately
Done in the City of Manila,
this 12th day of December, in the year of Our Lord, nineteen hundred
and eighty.
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