The PTA may not alienate the land or any portion thereof without the prior authority of the President of the Philippines, although it may encumber the same to any government financing institution for development purposes.
All laws, proclamations, orders and regulations inconsistent herewith are hereby repealed and modified accordingly.
This Decree shall take effect immediately.
Done in the City of Manila, this 5th day of June, in the year of Our Lord, nineteen hundred and seventy-eight.
(Sgd.) FERDINAND E. MARCOS
President of the Philippines
By the President: (Sgd.) JACOBO C. CLAVE Presidential Executive Assistant