Section 5
SEC. 5. The two (2) parcels of land located in the City of Manila and covered by TCT No. 67398, issued by the Register of Deeds of Manila, and more particularly described as follows: "1. A PARCEL OF LAND (Parcel 2-B of the subdivision plan Psd-14000, being a portion of parcel 2 described in Transfer Certificate of Title No. 9333, Lrc Record No.............), situated in the District of Ermita, City of Manila, bounded on the NW, along line 1-2, by Parcel 2A of the subdivision plan; on the NE along line 2-3 by property of Manila Hotel; on the SE along line 3-4, by Parcel 2-D of the subdivision plan; and on the SW along line 4-1, by Manila Bay x x x containing an area of FIVE THOUSAND FIVE HUNDRED SEVENTY SQUARE METERS AND FIFTY SQUARE DECIMETERS (5,570,50) * * *. "2. A PARCEL OF LAND (Parcel 2-C of the subdivision plan Psd-14000, being a portion of parcel 2 described in the Transfer Certificate of Title No. 9333, LRC RECORD No.............), situated in the District of Ermita, City of Manila, bounded on the SW along line 1-2, by property of Manila Hotel; on the NW along line 2-3 and on the NW along line 3-4 and on the SE along line 4-1, by Parcel 2-D of the subdivision plan * * * containing an area of SIX THOUSAND NINETY-TWO SQUARE METERS AND NINETY DECIMETERS (6,092.90) * * *." which, form an integral part of the premises of the Manila Hotel, are hereby conveyed, transferred, and ceded to the Government Service Insurance System as additional contribution of the National Government to augment the actuarial solvency of the Retirement Insurance Fund administered by the Gov't. Service Insurance System in consideration of the financial & other supports to be extended by the Gov't. Insurance System in the demolition of part or whole of the present Manila Hotel building and in the construction, development, and operation of a new hotel meeting the highest international standards. The Register of Deeds shall immediately transfer the title to the aforementioned parcels of land to the Government Service Insurance System.