WHEREAS, the franchise to construct, operate and maintain such facilities in Mariveles belongs to the Asiatic integrated Corporation under Republic Act Numbered Fifty Three Hundred and Fifty-six;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree that:
SECTION 1. In accordance with the agreement already arrived at between Asiatic Integrated Corporation and the Export Processing Zone, the franchise to construct, operate and maintain private piers and wharves in the Port of Mariveles granted to the Asiatic Integrated Corporation Under Republic Act Numbered Fifty Three Hundred and Fifty-six is hereby transferred to the Export Processing Zone Authority, on such terms and conditions as may be agreed upon by the parties, provided that the same are in conformity with provisions of existing laws and applicable to such transfer, and subject to the approval of the President of the Philippines.
For this purpose, the Authority is hereby authorized to construct, acquire, own, lease, operate and or maintain, by itself or through other persons or entities, in the Port of Mariveles, Bataan, piers, wharves and other port terminal facilities.
SEC. 2. In the construction, operation and maintenance by the Authority of piers, wharves and other port terminal facilities, the following guidelines shall apply:
SEC. 3. Section 5 of Presidential Decree No. 66 is hereby amended to read as follows:
"SECTION 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 five 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 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. 4. Republic Act Numbered Fifty Three Hundred and Fifty-six is hereby repealed and all other laws, decrees, administrative orders, executive orders, rules and regulations inconsistent herewith are hereby repealed and modified accordingly.
SEC. 5. This Decree shall take effect immediately.
Done in the City of Manila, Philippines, this 13th day of March, in the year of Our Lord nineteen hundred and seventy-five.
(Sgd.) |
FERDINAND E. MARCOS | |||||||
President |
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Republic of the Philippines | ||||||||
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By the President: | |||||||
(Sgd.) |
ALEJANDRO MELCHOR | |||||||
Executive Secretary |