WHEREAS, the Ministry of Human Settlements has consistently
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;
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 the
Ministry's various programs including the BLISS and other land development
programs;
WHEREAS, the continued and sustained implementation of the
Ministry's programs that requires corporate flexibilities may exhaust HSDC
resources;
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:
"Section 10. Capitalization of the Corporation. —
The Corporation shall have an author ed 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 a paid by the national
government, government owned controlled corporations and local government units,
the form of equity investment, in cash or in proper Funds earlier released for
BLISS projects may also used for the purpose.''
This Decree shall be effective immediately.
Done in the City of Manila, this 12th day December, in the year of Our Lord
nineteen hundred a eighty.
(Sgd.) FERDINAND E. MARCOS
President of the
Philippines
By the President:
(Sgd.) JUAN C. TUVERA
Senior Presidential Assistant