Section 8
SEC. 8. To Section 12 of the same Act, there are hereby added paragraphs (a-1) and (a-2) to read as follows: "(a-1) The foregoing provisions of this Section, insofar as it relates to the computation of the peso F.O.B. value of the reparations goods and/or services, the execution of the sales contract and corresponding schedule of payments, the time of application of the deposit or down payment as first payment without interest and the due date of the first installment with interest on the balance, and the imposition of interest of 12 percent per annum on the balance and an additional 1 1/2% per month for delinquency, shall also apply to all projects of private end-users in the current 17th year reparations schedule and to all other projects of private end-users where the reparations goods and/or services have already been delivered but the contracts and corresponding schedules of payment have not as yet been executed at the time of the issuance of this Decree, in which case, said private end-users shall, within a period of three months from issuance of this Decree, execute the sales contracts and corresponding schedules of payments, otherwise the sanction provided for under paragraph (a-2) of this Section shall be taken against them. "(a-2) All private end-users with pending accounts with the Commission at the time of the issuance of this Decree shall be allowed to restructure their accounts beyond the maximum allowable period of amortization as provided for under this Act: Provided, That said end-users shall first be required to pay 10 percent of the total accrued accounts at the time of the issuance of this Decree: Provided, further. That interest at the rate of 12 percent per annum shall be imposed on the restructured yearly amortization with an additional monthly interest of 11/2% percent for delinquency and said end-users shall be required to put up additional collaterals sufficient to cover the value of the restructured account, and in the case of corporations, the principal officers thereof shall be required to sign the Contract of restructuring jointly and severally with the corporation: Provided, finally, That all delinquent private end-users of reparations goods and/or services are hereby given a period of three (3) months within which to restructure or update their accounts with the Commission; otherwise, the latter, with the assistance of the Armed Forces of the Philippines, shall extrajudicially repossess said reparations goods and attach all other assets of said private end-users and shall sell, transfer, or otherwise dispose of the same in a manner as provided for herein, without prejudice to such civil and/or criminal action that may be taken against them under this Act and/or other existing laws. All reparations goods so repossessed and/or to be repossessed shall be sold through public bidding, or through negotiation if the public bidding will fail, either by lot or by piece, at such price and under such terms and conditions as may be determined reasonable by the Commission upon the recommendation of an appraisal committee to be constituted by the Commission and in which at least one (1) member each must come from the office of the Commission Auditor and the National Economic and Development Authority: Provided, That government instrumentalities will be given the first option to acquire the reparations goods which they may need or can utilize, in which case said reparations goods shall be transferred to them without cost and the appraised value thereof as determined by the Commission shall be entered in their books of accounts in accordance with this Section. All expenses incurred in connection with the transfer of said goods shall be borne by the government agencies concerned. "The Commission is hereby authorized to pay out of the Special Economic Development Fund such amount or amounts as may be necessary for all the expenses and/or charges in connection with the repossession of reparations goods and attachment of other assets of private end-users and the sale thereof through public bidding or negotiations as hereinabove provided."