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A collection of Philippine laws, statutes and codes
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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.

Read full text of:
 
Presidential 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
 
Republic Act No. 7181
AN ACT EXTENDING THE LIFE OF THE COMMITTEE ON PRIVATIZATION AND THE ASSET PRIVATIZATION TRUST
 
Republic Act No. 7661
AN ACT AMENDING REPUBLIC ACT NUMBERED SEVEN THOUSAND ONE HUNDRED AND EIGHTY-ONE ENTITLED "AN ACT EXTENDING THE LIFE OF THE COMMITTEE ON PRIVATIZATION AND ASSET PRIVATIZATION TRUST" 
 
  Republic Act No. 7886
AN ACT EXTENDING THE TERM OF THE COMMITTEE ON PRIVATIZATION AND THE ASSET PRIVATIZATION TRUST AMENDING FOR THE PURPOSE REPUBLIC ACT NUMBERED SEVEN THOUSAND SIX HUNDRED SIXTY-ONE

 




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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