Batas Pambansa Blg. 233 (BP 233) — An Act Authorizing the Sale of Commercial and Industrial Lands of the Public Domain (Commonly Known as Nafco Lands), Transferred from the Board of Liquidators to the Bureau of Buildings and Real Property Management Amending for the Purpose Republic Act Numbered Four Hundred Seventy-Seven, as Amended.
Data as of July 4, 2026 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
SEC. 2. In the negotiated sale of the aforesaid lots, the consideration must not be less than the assessed value nor more than the prevailing price in the vicinity of said lots, to be determined by a committee of three to be composed of the city or provincial assessor, as chairman, and a representative of the Bureau of Buildings and Real Property Management and the district land officer, as members.
SEC. 3. Lands acquired under the provisions of this Act shall not be sold or otherwise alienated within a period of five years from such acquisition without the prior approval of the Director of General Services.
SEC. 4. The Director of the Bureau of Buildings and Real Property Management shall issue such rules and regulations as are necessary to implement the provisions of this Act, which shall take effect fifteen days after publication in a newspaper of general circulation.
SEC. 5. Sections two and three of Republic Act Numbered Four hundred seventy-seven, as amended by Presidential Decrees Numbered Nine hundred sixty-seven and Thirteen hundred and four, and all acts, executive orders, rules and regulations inconsistent herewith, are hereby repealed or modified accordingly.
SEC. 6. Any violation of this Act shall subject the offender to an imprisonment of not less than six months and one day to six years and one day and a fine of not less than four hundred pesos but not more than one thousand pesos.
SEC. 7. This Act shall take effect upon its approval. Approved, September 12, 1982.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).