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This page features the full text of
Republic Act No. 7181
AN
ACT EXTENDING THE LIFE OF THE COMMITTEE ON PRIVATIZATION AND THE ASSET
PRIVATIZATION TRUST.
REPUBLIC
ACT NO. 7181
AN
ACT EXTENDING THE LIFE OF THE COMMITTEE ON PRIVATIZATION AND THE ASSET
PRIVATIZATION TRUST.
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 December 8, 1991 to August 31, 1992
and thereafter may be again extended by the President of the
Philippines
for not more than sixteen (16) months.chan
robles virtual law library
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: Provided, That all disposition of
any
and all assets shall be exclusively and solely for cash, including
sales
by installments, subject to the provisions of the Comprehensive
Agrarian
Reform Law.cralaw:red
All
assets held by the Assets Privatization Trust, all moneys and other
properties
belonging to it, and all its liabilities outstanding upon the
expiration
of its terms shall revert to and be assumed by the National Government.
The President of the Philippines shall designate by an executive order
the government office or entity to which the assets and liabilities of
the Assets Privatization Trust shall be transferred.cralaw:red
All
cash advances and all unsettled obligations owed to the Government by
the
officers and employees of the Committee on Privatization or the Asset
Privatization
Trust, as finally determined by the proper agency or court of law, must
be liquidated on or before August 31, 1992.
Sec.
2. The following conditions shall
be adhered to in privatization: chan
robles virtual law library
(a) In
the disposition of assets in corporate form, there shall be no undue
dislocation
of labor unless all benefits as provided by existing laws or Collective
Bargaining Agreement (CBA) shall be complied with.
chan
robles
virtual law library(b) Assets
for disposal shall not revert to previous owners who after final
judgment
by the proper agency or a court of law have been found to have
mismanaged
or diverted the resources of the assets which resulted in loss and
bankruptcy:
Provided, That if assets are to be reverted back to the previous
owners,
the price shall not be less than the original transfer price.
(c) Privatization
of Government assets classified as a strategic industry by the National
Economic and Development Authority shall first be approved by the
President
of the Philippines.
(d) A
minimum of ten (10) percent of the sale of assets in corporate form
shall
first be offered to small local investors including Filipino Overseas
Workers
and where practicable also in the sale of any physical asset.
(e) Sale
of all assets shall be published in at least three (3) national
newspapers
of general circulation for three (3) consecutive days: Provided,
That the first publication shall occur at least ten (10) days prior to
the scheduled bidding date or date of negotiation.
(f) A
loss recovery provision must be included in the terms and conditions of
the sale of any asset sold below the transfer price.
Sec.
3. In line with paragraph 1 of
Article IX (d) of the Constitution, the Commission on Audit shall
impose
or adopt temporary pre-audit and such measures that are necessary and
appropriate
to correct such deficiencies in the control system of the Asset
Privatization
Trust as may be found by the Commission on Audit.
chan
robles
virtual law library
Sec.
4. Lawsuits pending at the termination
of the existence of the Asset Privatization Trust shall be pursued by
the
Office of the Government Corporate Counsel until their proper
termination
in the name of or on behalf of the Government. chan
robles virtual law library
Sec.
5. Any officer or employee who
fails to comply with the provisions of this Act, after having been
found
guilty by the proper agency or court of law shall be barred from
holding
any position in the Government including government-owned or controlled
corporations, without prejudice to other sanctions as may be provided
by
existing laws.
Sec.
6. The provisions of Section
3 and 10 of Proclamation No. 50, in particular, all other provisions of
the Proclamation as well as other laws, orders, promulgations, rules
and
regulations or parts thereof, which are inconsistent herewith are
hereby
amended, repealed or modified accordingly.cralaw:red
Sec.
7. Implementing guidelines and
regulations shall be issued by the Committee on Privatization to fully
implement this Act within forty-five (45) days from date of approval of
this Act.cralaw:red
Sec.
8. This Act shall take effect
immediately upon its publication in at least one (1) national newspaper
of general circulation. The effectivity of this Act shall retroact and
relate back to December 8, 1991.
Approved:
January
17, 1992
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