WHEREAS, NDC was originally created under Commonwealth Act
No. 182 as amended by Commonwealth Act No. 311, to exist for a period of
fifty (50) years from the approval of the Act on January 9, 1938, with a
capitalization of P50 Million divided into 500,000 shares of stock with
par value of P100.00 each, 51% of said capital to be subscribed by the
Government of the Commonwealth of the Philippines, and the remainder
thereof to be offered to the Provincial, Municipal and City Governments
of the Philippines;
WHEREAS, the Commonwealth Act No. 182 as amended by
Commonwealth Act No. 311, is further amended by Executive Order No. 399
of the President of the Philippines dated January 5, 1951, otherwise
known as the Uniform Charter for Government Corporations including the
National Development Company, whereby NDC shall exist for a period of
twenty-five (25) years from the effectivity of the said Executive Order
on January 5, 1951, and the corporate life of the NDC to terminate on
January 5, 1976;
WHEREAS, the NDC is empowered to engaged in commercial,
industrial, mining, agricultural and other enterprises which are
necessary or contributory to the economic development of the country and
important public interest, to hold public agricultural lands and
mineral lands in excess of the area permitted in a public corporation,
and to organize subsidiary companies over which it has control over
them;
WHEREAS, by virtue of the said Charter, NDC has entered into
agreement for the sale of land to the landless, growing of pineapple
and other crops with the Dole Philippines, Inc. and Philippine Packing
Corporation, and has invested in private sectors, such as the Manila Gas
Corporation, Republic Telephone Company, Resort Hotels Corporation,
Royal Industries of the Philippines, Philippine Electrical Manufacturing
Company, Philippine Communications Satellite Corporation, Gomez
Cellulose International, Inc., Crowntex Corporation, and the Industrial
Estate Corporation, the period of contractual relations of which is
beyond the corporate life of the National Development Company, under
Executive Order No. 399 abovementioned;
WHEREAS, it is of paramount importance that the corporate
life of the NDC be extended for another period of twenty-five (25) years
from January 5, 1976; since the NDC is a principal instrumentality of
the Government in the furtherance of its economic policies as evidenced
by its past and present investments in different economic ventures in
which private capital was timid to undertake as in the survey of
petroleum and mineral deposits, generation of electric power,
manufacture of cement, coal mining, abaca and ramie fiber processing,
manufacture of textile and yarns, development of marble quarries, sugar
refining, meat and fish canning, airlines, acquisition and operation of
oceangoing vessels, paper mills, manufacture of electric lamps and
bulbs, production of gas fuel, nail manufacture, warehousing, shoe
making, land distribution, pineapple growing, etc.;
WHEREAS, the capital of the National Development Company has
been subscribed by the National Government as an implementing arm of
its economic policies; and it is necessary that the National Development
Company be placed under the Office of the President;
WHEREAS, the remaining capital stock of the National
Development Company was not subscribed by any provincial, municipal, and
city governments of the Philippines pursuant to said law and the
National Development Company has been operating under a meager
subscribed capital stock of P29 Million more or less and on loans from
the Treasurer of the Philippines and other banking institutions with
interest; and
WHEREAS, in the expansion of activity of the economic arm of
the government and the furtherance of its economic policy the National
Development Company needs more lands in the exercise of its power to
engage in agricultural enterprises.
NOW, THEREFORE, I FERDINAND E. MARCOS, President of the
Republic of the Philippines, by virtue of the powers vested in me by the
Constitution, in order to ensure the economic development of the
country particularly in the agricultural enterprises, and the security
of the existing contracts of the NDC with private parties as an
implementation of the purpose or purposes for which it was created,
hereby order and decree that Commonwealth Act No. 182, as amended by
Commonwealth Act No. 311 and Executive Order No. 399, be amended such
that the corporate life of the National Development Company is hereby
extended for another twenty-five (25) years from January 5, 1976; that
the authorized capital of the corporation is hereby increased to Two
Hundred Million Pesos, the amount to be subscribed by the National
Government to carry out the purposes and objectives for which it was
created as the principal instrumentality of the Government in the
furtherance of its economic policies; and, it being an implementing arm
in the furtherance of the economic policies of the Government, the
National Development Company shall be directly under the Office of the
President of the Republic of the Philippines; and it is further decreed
that in addition to its existing powers and duties, the National
Development Company is further authorized to acquire, hold, develop and
dispose all land acquired by Americans under the Parity amendment before
the termination on July 3, 1974 of their right to acquire such lands.
This Decree shall take effect immediately.
Done in the City of Manila, this 7th day of March, in the year
of Our Lord, nineteen hundred and seventy-five.
(Sgd.)
FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.)
ALEJANDRO MELCHOR
Executive Secretary