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WHEREAS, under Presidential Decree No. 66, dated November 20, 1972, the Export Processing Zone Authority was created to implement the national policy of promoting the industrial development of the country through the establishment of export processing zones;

WHEREAS, it is imperative that the development of the government-owned industrial estate at Limay, Bataan be integrated with the Bataan Export Processing Zone, Mariveles, Bataan, in order to achieve maximum efficiency and economy;

WHEREAS, the expanded responsibilities activities of the Export Processing Zone Authority arising from the above-mentioned integration will require the restructuring of the provisions of Presidential Decree No. 66, in order that the Authority can effectively meet the new challenge;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order:

SECTION 1. Section 5 of Presidential Decree No. 66 is hereby amended to read as follows:

"SEC. 5. Capitalization.—The capital of the Authority shall consist of (1) its existing assets and such other properties as may be contributed to the Authority by the Government to form part of capital, (2) all capitalized surplus, and (3) cash contribution by the Government in the amount of four hundred million pesos, which is hereby appropriated out of any fund in the National Treasury not otherwise appropriated, be they collection from any or all taxes accruing to the general fund or proceeds from loans, the issue of bonds, treasury bills or notes, or derived from any other sources of income by or of the National Government, which amount shall be released by the Budget Commission in accordance with the schedule of development and expenditure to be prepared and submitted by the Authority."

SEC. 2. Section 24 of the same Act is hereby amended to read as follows:

"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 certificates of title thereof.

"The public land mentioned in Proclamation No. 740, series of 1970, as amended by Proclamation No. 900, series of 1971, of the President of the Philippines, 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 unit, 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.

"Any law, proclamation, ordinance, rule or regulation to the contrary notwithstanding, the Authority may transfer absolute ownership of any portion or portions of the Zone fixed and delimited under Proclamation No. 629, series of 1969, Proclamation Nos. 899 and 939, both series of 1971, of the President of the Philippines, or such other zones as may hereinafter be established pursuant to the provisions of Sec. 11 (b) hereof, to registered Zone enterprises qualified to own lands under the Constitution, subject to the approval of the President of the Philippines."

SEC. 3. The management and operation of the industrial estate at Limay, Bataan is hereby transferred from the Industrial Estate Corporation to the Export Processing Zone Authority: Provided, That the Philippine Explosives Corporation now operating therein shall be allowed to continue with its usual business operations, transactions and activities, as authorized by law, subject to such rules and regulations which the Authority may prescribe.

SEC. 4. All laws, executive orders, proclamations, rules and regulations or part thereof inconsistent with this Decree are hereby repealed and/or modified accordingly.

SEC. 5. This Decree shall take effect upon its approval.

Done in the City of Manila, this 28th day of August, in the year of Our Lord, nineteen hundred and seventy-four.