Presidential Decree No. 625 (PD 625) — Creating the Leyte Sab-A Basin Development Authority, Defining Its Powers and Functions, and for Other Purposes.
I, FERDINAND E. MARCOS, President of the Philippines, by
virtue of the powers in me vested by the Constitution, in order:
To integrate Government and private sector efforts and
resources for a planned development and balanced growth of the Sab-A
Basin in the Province of Leyte, as proposed in its 1975-1979 development
program, through the combined and harmonized pursuit of
entrepreneurial and social objectives on a self-sustaining basis;
To reclaim swamps, wastelands and drain waterlogged areas to
minimize the scourge of schisto-somiasis and fasciolasis both endemic in
the area;
To develop a food basket within the Province of Leyte and
Region VIII by increasing agricultural productivity; and
To provide a model for the development of agricultural estates.
do hereby decree and order:
Jurisdiction, Purposes and Powers
Application of Funds
AUDITS
SEC.
30. Relocation of Affected Parties. — The Authority shall
simultaneously with its development program, set aside a substantial
portion of the public lands in its jurisdiction and relocate tenants and
small landowners affected by mechanization or displaced by development,
kaingeros and squatters within the Basin, dynamite fishermen residing
in the city and municipalities involved and landless squatters in the
City of Tacloban, under such terms and conditions specified by the
Authority.
Recreation Area
Miscellaneous Provisions
Body Corporate Created.
SECTION 1. Body Corporate Created. — For the
purpose of carrying out and effecting the general objectives declared
herein, there is hereby created a body corporate to be known as the
Leyte Sab-A Basin Development Authority, hereinafter referred to as the
Authority, which shall be organized by the President of the Philippines
within three months from the effectivity of this Decree. The Authority
shall execute and exercise all the functions and powers herein vested,
as well as those vested by general law to juridical persons, in such a
manner as will, in its Judgment, aid to the fullest extent the
successful carrying out of the aims and objectives set forth
hereinbelow.
Territorial Jurisdiction.
SEC. 2. Territorial Jurisdiction. — The
territorial jurisdiction of the Authority shall, without prejudice to
established and pre-existing private proprietary rights, encompass all
the lands, timber, vegetation, minerals and waters within the
municipalities of Alang-Alang, Barugo, Palo, San Miguel, Sta. Fe and
Babatñgon; that portion of the Municipality of Jaro covering the barrios
of Parasan, Sarisari, Badiang, Villa Paz, Sta. Cruz, Pangi, San Roque
Macanip, Batog, Alahag, Malobago, Buri Sagoahan, Buena-vista, Poblacion,
Olatan, Caglawan and Bukid; and all the forestlands, timberlands,
pasturelands and reforestation areas in the City of Tacloban. The lands
herein embraced shall be referred to as the Basin.
The Directors of Lands is hereby directed to demarcate the
metes and bounds of the territorial domain of the Authority in terms of
geodetic longitude and latitude and/or by degrees and minutes reckoned
in relation to a principal meridian traversing an initial reference
point established in the City of Tacloban. This demarcation and
description shall properly segregate all the public lands and waters
within the identified boundaries.
All disposable public lands,
within the area are hereby transferred and conveyed to the Authority and
title thereto shall forthwith be issued by the Director of Lands to the
Authority according to law. Additionally, the Authority is granted
preventive jurisdiction over timber and mineral lands within the Basin
to the end that the same may not be disposed of as favor of users or
converted to agricultural, administration as timber or mineral lands,
without the Authority's prior recommendation and the approval of the
President of the Philippines.
All fees, rentals and charges and
revenues derived from the exploitation, development, conservation and
utilization of natural resources within the area shall pertain to the
Authority.
Principal Office.
SEC. 3. Principal Office. — The
Authority shall establish its principal office within the Basin. It may
set up branch offices in such other places as may be authorized by the
Board of Directors.
Purposes.
SEC. 4. Purposes. — The Authority shall have the
following purposes:
To undertake and continuously update a comprehensive survey and
inventory of the physical and natural resources, problems and
opportunities in the province of Leyte, more particularly those of the
Sub-A Basin as delineated and described in Section 2, to provide the
officials of the Province of Leyte and managers of the Authority
up-to-date and accurate data and information for the most economic and
socially beneficial development projects of the province and of the
Basin;
To provide the manpower capabilities and facilities by
extending the necessary planning, management and technical assistance to
existing and prospective investors in the Basin, the Province of Leyte
or elsewhere;
To arrange for and negotiate with the proper bodies and
institutions, whether Governmental or private, domestic or foreign,
and/or directly provide guaranty, venture or debt financing, technical
support, or other form of assistance or service, to any entity,
enterprise or project organized, operating or habitually engaged in
substantial trade, with or within the Basin;
(d) To pass upon all plans, programs and projects within the
Basin proposed by the national, provincial and municipal governmental
agencies, public corporations and private enterprises where such plans,
programs and/or projects are related to the development of the Basin as
envisioned in this Decree. The Authority shall determine whether such
plans programs and/or projects need its approval, modification or
implementive supervision and where the Authority makes a decision in
this respect, its decision shall be conclusive and final upon the
parties concerned.
To engage in all projects and enterprises, whether in the
agricultural, mining, forestry, fishery, commercial, industrial or
service lines: Provided, That such projects or enterprises are
located or doing substantial business in the Basin; for this purpose,
whether by itself or in joint venture or cooperation with private
persons or entities, to organize, finance, invest in the operate
subsidiary corporations;
To plan, program and undertake the readjustment, relocation,
resettlement of populations within the Basin as may be deemed necessary
for the attainment of the objectives of this decree. A suitable
relocation site will be developed for the residents thus displaced;
To undertake and/or provide social benefit services, works and
facilities to and for the inhabitants of the Basin, particularly in the
containment of endemic diseases to humans and animals, and in the
creation of opportunities for gainful employment, housing, education and
wholesome recreation for such inhabitants;
To dredge and otherwise undertake works on waterways, irrigate,
inundate, dry or fill up natural water basins, and to undertake
reclamation projects, as may be necessary to accomplish the aims and
purposes of the Authority; and
To control and regulate the use of lands, rivers, waterfalls,
springs and lakes in the Basin.
Powers and Functions.
SEC. 5. Powers and Functions. — The Authority shall
have the following powers and functions;
To have perpetual succession in its corporate name;
To sue and be sued;
To adopt, alter and use a corporate logo, seal arid/or emblem;
To adopt, amend and repeal its by-laws;
To enter into contracts of any kind and description to enable
it to carry out its purposes and functions under this Decree;
To acquire, lease or hold real property and personal property
as it deems necessary or convenient in the successful prosecution of its
business, and may lease, mortgage, sell, alienate, or otherwise dispose
of such personal and real property held by it, but may not dispose any
of its real properties under conditions which would limit its
developmental control over the area herein defined; and/or dispose of
its capital assets for delivery or use outside of the Province of Leyte
without the approval of the Governor, or outside of the Philippines
without the approval of the President of the Philippines;
To exercise the power of eminent domain in the name of the
Republic of the Philippines;
To adopt and implement measures designed to protect the life,
liberty and properties of persons within the Basin: Provided,
That such measures are approved by the President of the Philippines;
To perform prior screening functions, as a condition precedent
to the approval by any national, provincial or municipal governmental
agency, of any permit, license, lease, franchise or concession for the
operation of any business or the exploitation, development or
utilization of natural resources within the Basin;
To arrange and negotiate with the private landowners within
the Basin, for the lease or other use of trancts of land required for
extensive mechanized cultivation by private corporations;
To grant loans to farmers' cooperatives, implementing
development projects previously approved by the Authority, subject to
applicable requirements of law on the matter;
To negotiate and enter into management and/or consulting
contracts with local and/or foreign management consulting firms for the
management of the Authority and/or the planning and implementation of
agro-industrial development projects in the Basin. Moreover, the
Authority shall also have the power to effect advance payment of the
stipulated fees;
To avail of the expertise of any particular employee,
technician, or group of persons in any bureau, office or department of
the National Government whose services are deemed urgently needed for
the attainment of the goals of the Authority, with the consent and
approval of the department head concerned;
To conduct scientific experiments, investigation and research
to discover economical and practical methods of increasing
agro-industrial production and other related endeavors;
To encourage and organize by arranging appropriate financing
schemes, cooperative ventures in agriculture, agri-business, industry
and commerce;
To arrange and negotiate on behalf of the Province of Leyte and
for the Republic of the Philippines for local and/or foreign financing
of projects undertaken by the Authority subject to the approval of the
Governor of the province or the President of the Philippines as the case
may be;
To engage in agro-industrial and business activities including
the organization and/or financing of rural or cooperative banks;
To make such regulations as are necessary to execute the powers
and functions vested in it by this Decree; and
To do such other things as are directly or indirectly
necessary, incidental or conducive to the attainment of the objectives
of this Decree.
ARTICLE II. — Capitalization Sourcing and
Capital structure.
SEC. 6. Capital structure. — The authority shall
have two (2) capital funds: (I) a Capital fund for Operations; and (II)
a capital fund for Social Services.
The authorized Capital Fund for Operations shall be devoted
primarily to the pursuit of profit-making or self liquidating (i.e. at
least "break-even") projects, and shall be dealt with, accounted for and
liquidated in case of dissolution in the same manner as the capital
stock of an ordinary private commercial corporation. It shall have a
maximum authorized capital of one hundred million pesos
(P100,000,000.00) divided into one million shares with a par value of
one hundred pesos (P100.00) per share.
The Capital Fund for Social Services shall be administered as a
trust for investment, the income from which, but not the principal,
shall be devoted to the financing of social benefits and/or public
services to inhabitants of the area, such as but not limited to medical,
dental and hospitalization services, construction of civil works and
public infrastructure within the Area, free education and scholarship
benefits, athletic and recreation facilities; and other free services
and basic scientific research. The Capital Fund for Social Services
shall be invested in fixed income securities in the money and capital
markets or in the shares of stocks of corporations which have
continuously paid dividends on such shares during the last preceding
three years. The Capital Fund for Social Services shall consist of funds
contributed from sources mentioned in Section 8. Upon the dissolution
of the Authority, the remainder of the trust corpus and its income shall
accrue to the General Fund of the Republic of the Philippines.
Subscriptions to Capital Fund for Operations.
SEC. 7. Subscriptions to Capital Fund for Operations.
— Of the one million shares of the Capital Fund for Operations, the
following shall be alloted, taken up and/or paid for by the following
subscribers as follows:
SUBSCRIPTION IN P000
Subscribed
Paid up
%
National Government
20,000
5,000
888.7
Province of Leyte
1,000
330
4.4
City of Tacloban
550
251
2.3
Municipalities:
Palo
250
35
1.1
Alang-Alang
250
35
1.1
Barugo
125
15
0.6
San Miguel
125
15
0.6
Sta. Fe
75
5
0.4
Babatngon
75
5
0.4
Jaro
75
5
0.4
_______
_______
______
22,525
5,660
100
For the purposes of this Decree, municipalities, cities and
provinces are hereby authorized to subscribe, own, buy or hold shares of
stock of the Authority.
The total paid-up requirement shall be
remitted to the treasury of the Authority upon its organization, with
the National Government advancing the full requirement of five million
six hundred sixty thousand pesos (P5,660,000) for and in its own behalf
and that of the Province of Leyte, City of Tacloban and the
municipalities of Alang-Alang, San Miguel, Sta. Fe, Palo, Barugo,
Babatngon and Jaro. Yearly thereafter, for a period of four years, the
National Government shall on each anniversary date of the organization
of the Authority, advance to the Treasury of the Authority, for and in
its own behalf and that of the local Governments concerned, one fourth
of the balance of the total subscriptions until the whole subscription
has been fully paid up. For this purpose, the necessary funds are hereby
set aside and appropriated.
Beginning the sixth year of the
Authority's operations, and every year thereafter up to the fifteenth
year, the National Government shall liquidate its aforesaid advances by
means of withholding, from the respective Internal Revenue allocation of
each local government concerned, one-tenth of the full amount of
paid-up subscription which the National Government may have advanced for
each of the local governments mentioned.
Whenever demanded by
the operation of the Authority, the Board of Directors may direct the
public offering or private placement of the unissued shares of the
Authority to private investors: Provided, That the total number
of shares offered to private investors at any one time shall not exceed
one-third of the total subscriptions of the Government in the Authority.
Such offering may be made at such price and terms as the Board of
Directors may at the time consider to be fair and reasonable.
SEC.
8. Participations in the capital fund, for social services. —
The corpus of Capital Fund for Social Services shall consist of grants,
endowments and bequests from, the Government, the private sector,
foreign governments, and international institutions and foundations. All
Social Services shall be exempted from gift, estate and inheritance
taxes, and shall be fully deductible from the taxable income of the
grantor.
The Capital Fund for Social Services shall be
administered as a true trust fund, and shall for all legal purposes be
invested with the attributes of a trust or estate subject to separate
accounting and with capacity to borrow for and in its own behalf and
account. The management of the fund may be turned over to a banking
institution, investment house, or trust company at the discretion of the
Board of Directors. From time to time, the Board of Directors shall
specify that a mandatory portion of the income of the trust fund shall
be ploughed back into the corpus (or principal) of the Fund to enlarge
the investment base and compound its earning capacity.
ARTICLE III. — DIRECTORATE, MANAGEMENT AND PERSONNEL
Board of Directors.
SEC. 9. Board of Directors. — The powers of the Authority
shall be vested in and exercised by a Board of Directors, hereinafter
referred to as the Board, which shall be composed of at least five but
not more than eleven members with the Provincial Governor of Leyte as
Chairman, or his duly authorized representative to sit as member in his
absence; the administrator of the Authority as Vice-Chairman; and the
Provincial Agriculturist of Leyte, the President of the Visayas State
College of Agriculture, and the President of the Leyte Federation of
Farmers Cooperatives and members; and up to six other members elected
every five years by the private shareholders, if there be such
shareholders, to represent their interest in the Board. Unless otherwise
required by the President of the Philippines, a person elected as
director need not hold a qualifying share of stock in the Authority.
Powers and Duties of the Board of Directors.
SEC. 10. Powers and Duties of the Board of Directors. —
The Board of Directors shall have the following powers and duties:
To prescribe, amend and repeal rules and regulations governing
the manner in which the general business of the Authority shall be
conducted;
To appoint and fix the compensation of the Administrator,
Deputy Administrators for Agricultural Development, Administration and
Budget, Cooperative Management and Agri-business, and to create such
other offices and appoint their incumbent as may be necessary from time
to time;
To remove, suspend or otherwise discipline for cause, by a
majority vote of all the members, any officer of the Authority;
To approve the budget of the Authority; and
To do such acts and perform such functions as are germane to
the purposes as enumerated in Section 2 of this Decree.
Administrator — Qualifications.
SEC. 11. Administrator — Qualifications. — There
shall be an Administrator who shall be a citizen of the Philippines with
demonstrated executive competence and experience in the field of public
administration, public infrastructure management or the management of
industrial or commercial enterprises. Notwithstanding the foregoing and
the other provisions of this Section, the management of the Authority
may by Board Resolution contract the services of a firm of professional
managers to manage the affairs of the Authority.
Tenure of office of administrator.
SEC. 12. Tenure of office of administrator. — The
Administrator shall be appointed by the President upon recommendation
of the Board of the Authority. The Administrator shall hold office at
the pleasure of the appointing power. He shall receive an annual
compensation set by the Board which in no case shall be less than
P35,000 per annum: Provided, That he shall establish his
residence within the basin area and shall reside therein during the
entire tenure of his office.
Powers and duties of the administrator.
SEC. 13. Powers and duties of the administrator. —
The Administrator shall have the following powers and duties:
To submit for consideration of the Board such recommendation
for policy formulation which he deems necessary to carry out the plans
of the Authority;
To direct and manage the affairs and business of the Authority
in consonance with the policies promulgated by the Board;
To submit for the approval of the Board the budget of the
Authority;
To execute and administer the policies and measures approved by
the Board;
To hire the personnel below officer level necessary for the
attainment of the goals of the Authority and fix their compensation;
To remove, suspend, or otherwise discipline for cause, any
subordinate employee of the Authority;
To delegate such authority as may be properly delegated:
Provided, That such delegation is in writing, copies of which
shall be furnished the Board;
To submit within ninety (90) days after the close of each
fiscal year an annual report to the President of the Philippines through
the Board; and
To perform such other duties as may be lawfully assigned to him
by the Board.
Other Officers, Tenure of Office and Compensation.
SEC. 14. Other Officers, Tenure of Office and
Compensation. — The Vice-Chairman of the Board shall act as Chairman
in the absence of the latter.
There shall be a Board Secretary
appointed by the Board upon recommendation of the Provincial Governor of
Leyte. The Secretary shall receive an annual compensation set by the
Board, charged against the annual budget of the Authority and in no case
shall be less than P24,000 per annum.
Effect of Vacancies.
SEC. 15. Effect
of Vacancies. — Vacancies in the Board as long as there shall be
three members in office shall not impair the powers of the Board to
execute the functions of the Authority.
Vacancy before expiration of term.
SEC. 16. Vacancy before expiration of term. — Any
member appointed or elected to fill a vacancy in the Board occuring
prior to the expiration of the term for which his predecessor was
appointed shall serve only for the unexpired period.
Disqualification.
SEC. 17. Disqualification. — No ex-officio member
of the Board shall directly or indirectly engage in the practice of any
profession or business which may be affected by, or related to, the
exercise of the Authority's functions and powers.
Prohibition against "conflict of interest".
SEC. 18. Prohibition against "conflict of interest".
— No ex-officio member of the Board shall be financially interested,
directly or indirectly, in any contract entered into by the Authority
during his term of office.
Quorum Board Meetings.
SEC. 19. Quorum Board Meetings. — Three members
of the Board in office shall constitute a quorum to transact business of
the Authority. The Board shall meet at least once every month or more
frequently as may be necessary to perform its duties, and shall be
convoked by the chairman or upon written request signed by at least
three of the members.
Per Diems and Allowances.
SEC. 20. Per Diems and Allowances. — Each member
of the Board shall receive a per diem fixed by the President for actual
attendance in meetings.
Merit system.
SEC. 21. Merit system. — All persons employed by
the Authority shall be selected on the basis of merit and fitness in
accordance with a merit promotion plan of the authority and approved by
the Civil Service Commission, except positions that are
policy-determining, highly technical and primarily confidential.
However, the Authority may, by agreement, secure such services as it may
deem necessary from other agencies of the National Government, and may
make arrangements for the compensation of such services. The Authority
may also employ and compensate, within appropriations available
therefore, such consultants, experts, advisers or assistants on a full
or part-time basis as maybe necessary, without subjecting these to WAPCO
regulations.
ARTICLE IV. — FINANCE, ACCOUNTS, BUDGET AND
Start-up Funds.
SEC. 22. Start-up Funds. — For the start-up
requirements of the Authority, there is hereby appropriated annually for
two (2) years, in addition to the sum mentioned in Section Six, the
amount of five hundred thousand pesos (P500,000.00). Beginning the third
year, the Board shall, pursuant to a budget approved by it and
submitted by the Administrator, authorize the expenditure of equity or
leverage funds from the sources mentioned in Section Six pursuant to the
guidelines and parameters established in said section.
Power to Issue Bonds.
SEC 23. Power to Issue Bonds. — Whenever the
Board deems it necessary, the Capital Fund for Operations and/or the
Capital Fund for Social Services may by resolution be authorized to
incur indebtedness, and for this purpose float and issue bonds to carry
out the provisions of this Decree. The resolution allowing either or
both Capital Funds to incur indebtedness shall properly indicate the
funds liable therefor, and the bond instruments, prospectuses,
documents, and other flotation shall carry appropriate notices of this
indication for the benefit of the public and other parties dealing with
the Authority. The Capital Fund for Operations may guaranty or assume
indemnity or suretyship obligations in respect of the indebtedness of
the Capital Fund for Social Services with the approval of two-thirds of
the entire Board. The Capital Fund for Social Services may not, however,
guaranty or assume indemnity or suretyship obligation in respect of the
indebtedness of the Capital Fund for Operation without the pines, a
person elected as director need not hold a qualifying of bond issues or
loans backed up by or secured for the Capital Fund for Social Services
shall, unless otherwise specified in the covering deed or prospectus,
form part of the corpus of the trust and shall be utilized solely for
investments according to the provisions of Section Six, the income from
which but not the principal shall be available for expenditure for
social benefit projects in the Basin. Donations, grants, bequests or
loans to the income portion of the trust shall be expendable directly
for social or public service projects.
Bond Features, etc.
SEC. 24. Bond Features, etc. — The Board shall
prescribe the form, rates of interest, the denominations, maturities,
negotiability, convertibility, call and redemption features, tax
exemption of interest, if desired, authority for which is hereby given,
and all other terms and conditions of issuance, underwriting, placement,
sale, servicing, and payment of all bonds issued by the Authority. The
Bonds issued by virtue of this Decree may be made payable both as to
principal and interest in Philippine currency and any readily
convertible foreign currency.
Government Guarantee.
SEC. 25. Government Guarantee. — The Republic of
the Philippines hereby unconditionally guarantees the payment by the
Authority of both the principal and interest of bonds, debentures,
notes, drafts or such other evidence of indebtedness issued by the
Authority by virtue of this Decree, and shall pay such principal and
interest in the event that the Authority fails to do so. In case
the-Authority shall be unable to pay the said principal and interest,
the Secretary of Finance shall pay the amount thereof appropriated out
of any funds in the National Treasury, and thereupon, to the extent of
the amount so paid. The Government of the Republic of the Philippines
shall succeed to all the rights of the holders of such bonds,
debentures, notes, drafts or other evidence of indebtedness.
Exemption from Taxes.
SEC. 26. Exemption from Taxes. — The Authority
and its subsidiaries shall be exempt from all taxes, licenses fees, and
duties incidental to their operation to the following extent:
With respect to all transactions, properties and effects
pertaining to or attributable to the Capital Fund for Operation, except
income which shall be gradually taxable at corporate sales to the
following extent:
% of Income
Subject to tax
Period
Into Operation
—
...........................................................
1st to 2nd years
25
...........................................................
3rd to 4th years
50
...........................................................
5th to 6th years
75
...........................................................
7th to 8th years
100
...........................................................
9th year onwards
With respect to all transactions, properties, effects accruing,
pertaining or attributable to subsidiaries, to the extent allowed to
pioneer enterprises registered under Republic Act No. 5188, as amended,
otherwise known as the Investments Incentives Act.
Performance Budgetting.
SEC. 27. Performance Budgetting. — The budgets of
the Authority shall be performance budget which estimate target revenues
and expenses for a given budget period. The same shall therefore not
provide inflexible expenditure allocations but shall serve as a tool for
gauging efficiency and effectiveness of the management staff of the
Authority in attaining the objectives of the Authority with the most
profit possible to the Capital Fund for Operations, and the maximum
social benefits to Basin residents with the least cost to the Authority.
Auditing Requirements.
SEC. 28. Auditing Requirements. — The Auditor General
shall appoint a representative, with the necessary personnel, who shall
be the Auditor of the Authority. The number of positions and the
salaries of such Auditor and personnel under him shall be determined by
the Auditor General, subject to the concurrence of the Board. In case of
disagreement, the matter shall be submitted to the President of the
Philippines for resolution. The salaries and all other expenses in
maintaining the Auditor's office shall be borne by the Authority.
Report.
SEC. 29. Report. — All financial transactions of
the Authority shall be audited in accordance with law, administrative
regulations, and the principles and procedures applicable to corporate
transactions. A report of audit for each fiscal year shall be submitted
to the Board by the Auditor within sixty (60) days after the close of
the fiscal year, furnishing copies thereof to the President of the
Philippines, the Auditor General and the Governor of Leyte. The report
shall set forth the scope of the audit and shall include a statement of
surplus or deficit analysis and a statement of income by sources and
application of funds. It shall also include such comments and/or
recommendations with respect to any impairment of Capital noted in audit
showing specifically any program, undertaking expenditure or other
financial transactions made and/or conducted without authority of law.
ARTICLE VI. — Woodlands and Nature
Multipurpose Woodland and Nature Recreation Reservation.
SEC. 31. Multipurpose Woodland and Nature Recreation
Reservation. — The forested areas along the municipalities of Palo,
Sta. Fe, Alang-alang, Babatñgon, San Miguel, and Tacloban City,
comprising approximately 12,500 hectares presently being surveyed by the
Bureau of Forest Development, the metes and bounds of which, will
likewise be demarcated by the Bureau of Lands, is hereby declared the
Leyte Multi-purpose Woodlands and Nature Recreation Reservation Area
which shall be developed and maintained by the Bureau of Forest
Development for sports, hunting, fishing, wildlife activities, nature
observation, scientific and educational tours, bird watching, camping
and mountain climbing. A start-off fund of TWO HUNDRED FIFTY THOUSAND
PESOS (P250,000.00) is hereby appropriated for this purpose. The yearly
appropriation of which shall be included in the budget for the
Department of Natural Resources.
Terra.
SEC. 32. Terra. — The
Authority shall exist for a term of fifty (50) years, subject to
extension by the President of the Philippines.
Repealing Clause.
SEC. 33. Repealing Clause. — All acts, decrees,
executive orders, administrative orders, rules and regulations which are
inconsistent with the provisions of this Decree are hereby repealed or
modified accordingly.
Construction of this Decree.
SEC. 34. Construction of this Decree. — If any
part or section of this Decree shall be declared unconstitutional, such
declaration shall not invalidate the other provisions thereof.
Effectivity.
SEC. 35. Effectivity. — This Decree shall take
effect immediately.
Done in the City of Manila, this 26th day of December, in the
year of Our Lord, nineteen hundred and seventy-four.
(Sgd.)
FERDINAND E. MARCOS
President of the Philippines
By the President:
(Sgd.)
ALEJANDRO MELCHOR
Executive Secretary
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
