Title to Real Property.
Section 24
SEC. 24. Title to Real Property. —The public lands fixed and delimited as the site of the foreign trade zone under Proclamation No. 629, series of 1969, Proclamation Nos. 899 and 939, both series of 1971, of the President of the Philippines shall be surveyed by the Bureau of Lands and conveyed thereafter in absolute ownership to the Authority by the President of the Philippines for the nominal sum of one peso for each parcel of land being conveyed under this section. Upon receipt of said deed of conveyance the proper Register of Deeds shall register the same and issue the corresponding original certificate of title to the Authority. Likewise, the public land fixed and delimited as the site of a low-cost housing project for workers in the Zone under Proclamation No. 740, series of 1970, as amended by Proclamation No. 900, series of 1971, of the President of the Philippines, shall be surveyed by the Bureau of Lands and conveyed in absolute ownership by the President of the Philippines to the Authority, the Government Service Insurance System and/or Social Security System and in the manner hereinafter provided. Upon receipt of the deed of conveyance, the proper Register of Deeds shall forthwith register the same and issue the corresponding original certificate of title thereof. The public land mentioned herein shall be disposed of as follows: sixty hectares to the Authority upon payment to the Government the nominal sum of one peso, and the balance to the Government Service Insurance System and/or Social Security System, in consideration for the development of a portion thereof by the GSIS and/or SSS as may be necessary to accommodate the construction of standard housing units, and/or condominium houses, which the GSIS and/or SSS shall sell and convey, together with the title or interest over the land as it may appear upon conveyance thereof to the bona fide residents of Barrio Nassco and Barrio Camaya, both in the Municipality of Mariveles, Bataan, as certified by the Authority: Provided, That the price at which said housing units may be sold to the aforementioned bona fide residents of Barrio Nassco and Barrio Camaya shall not include the site development cost thereof: Provided, further, that the GSIS and/or SSS shall undertake the complete development of the residual area, including the area alloted to the Authority, into modern communities, always taking into account the policy of low-cost housing as herein enunciated: Provided, furthermore, That the land and/or housing units constructed therein shall be sold to the regular workers in the Zone who shall have worked therein continuously for a period of at least five years, as certified by the Authority: Provided, moreover, That where there are no persons qualified to own said land and/or housing units, the GSIS and/or SSS may hold on to said properties for as long as they are not sold or disposed of, notwithstanding the provisions of law to the contrary: Provided, finally, That the Authority shall, in coordination with the GSIS and/or SSS, administer, manage and operate the housing project, and shall issue such rules and regulations as may be necessary For the proper management and operation thereof, including the utilization and disposition of the land and/or housing units.