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In order to prevent officials and employees of the Government from taking advantage of their positions and enriching themselves while in office, and so as to protect them from malicious insinuations or imputations against their honesty and integrity, it is necessary to make of public record their financial conditions at the time they enter, and when they are already in the public service;

NOW, THEREFORE, I, RAMON MAGSAYSAY, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:

All Secretaries and Undersecretaries of Departments, chiefs of bureaus and offices and their assistants, heads of agencies and instrumentalities of the Government, including the directors, managers or executives of all government-owned and controlled corporations, and all other officers and employees of the Government and of the above-mentioned entities, shall each file a sworn statement of their financial conditions, assets and liabilities as of January 1, 1954, said statement to be substantially as follows:

"I, __________________________, appointed to the position of ________________ in the ________________, declare under oath, that, as of January 1, 1954, the following real properties, bank deposits, interests (direct and indirect) in business, and other assets, as well as the liabilities and other obligations hereunder stated, appear in my name and/or in that of my wife (or husband):

Name

Kind and description of assets and liabilities

Value

The statement above referred to shall be accomplished on or before January 31, 1954, as to those already in the government service on or before said date and upon entrance to duty as to those that may thereafter be appointed, and shall be filed with the office of the respective Department Secretaries, chiefs of bureaus and offices, heads of agencies and instrumentalities of the Government and general managers or executives heads of all government-owned and controlled corporations. It shall be renewed annually during the incumbency of each officer or employee and every new declaration shall indicate such changes, if any there be, as may have taken place since the filing of the last statement.

Upon the expiration of the term of office, resignation, removal, separation or cessation of any officer or employee of the Government, the sworn statement shall be accomplished and filed by the outgoing officer or employee and his resignation shall not be accepted and no clearance shall be issued unless he complies with this requirement. In case of death, the sworn statement shall be filed by his executor or administrator, if any there be, or by the duly authorized representative of his heirs.

The sworn statement herein above required of Secretaries and Undersecretaries of Departments, chiefs and assistant chiefs of bureaus and offices, heads of agencies and instrumentalities of the Government, and directors, managers, or executives heads of all government-owned and controlled corporations, shall be filed with the Office of the President.

All orders or parts thereof inconsistent with the provisions of this Order are hereby repealed or modified accordingly.

Done in the City of Manila, this 5th day of January, in the year of Our Lord, nineteen hundred and fifty-four, and of the Independence of the Philippines, the eighth.

(Sgd.) RAMON MAGSAYSAY
President of the Philippines

By the President:
(Sgd.) FRED RUIZ CASTRO
Executive Secretary