WHEREAS,
Section 24 of Presidential Decree No. 66, authorizes the President of
the Philippines to transfer certain parcels of land described in
Proclamation Nos. 629, series of 1969; 740, series of 1970; 939, 899
and 900, all series of 1971, to the Export Processing Zone Authority,
the Government Service Insurance System and/or the Social Security
System; chanroblesvirtualawlibrary
WHEREAS, said Decree does not define the limitation by which the
Authority may dispose of said lands;chanroblesvirtualawlibrary
WHEREAS, it is felt that in order that the Government shall maintain
ownership over said parcels of land, it is necessary, in the interest
of the public, that if the same are mortgaged by the Authority to
any lending institution and the latter fails to redeem said lands, the
Government shall be given the right to repurchase the same;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of the Armed Forces of the Philippines, and pursuant
to Proclamation No. 1081 dated September 21, 1972, and General
Order No. 1 dated September 22, 1972, do hereby order and decree: chanroblesvirtualawlibrary
Section 1. Section 24 of Presidential Decree No. 66
is hereby amended to read as follows:cralaw:red
"Sec. 24. Title to Real Property. — The public lands
fixed and delimited as the site of the foreign trade zone under
Proclamation No. 629, series of 1969, Proclamation Nos. 899 and 939,
both series of 1971, of the President of the Philippines shall be
surveyed by the Bureau of Lands and conveyed thereafter in absolute
ownership to the Authority by the President of the Philippines for the
nominal sum of one peso for each parcel of land being conveyed under
this section. Upon receipt of said deed of conveyance the proper
Register of Deeds shall register the same and issue the
corresponding original certificate of title to the Authority. Likewise,
the public land fixed and delimited as the site of a low cost housing
project for workers in the Zone under Proclamation No. 740,
series of 1970, as amended by Proclamation No. 900, series of
1971, of the President of the Philippines, shall be surveyed by the
Bureau of Lands and conveyed in absolute ownership by the President of
the Philippines to the Authority, the Government Service
Insurance System and/or Social Security System and in the manner
hereinafter provided. Upon receipt of the deed of conveyance, the
proper Register of Deeds shall forthwith register the same and issue
the corresponding original certificate of title thereof;
Provided, that should the lands herein granted be used as
collateral for any loan contracted by the grantee from any
lending institution, the said lands, in the event of foreclosure, shall
be subject to repurchase by the Authority, or in default thereof, by
the Government within a period of five (5) years from the date of
foreclosure sale". chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
Done in the City of Manila this
1st day of March, in the year of Our Lord, nineteen hundred and
seventy-four.
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