103 OG No. 7, 755 (Feb. 12, 2007); Mla. Times, Dec. 29, 2006
WHEREAS, Executive Order (EO) No. 380, dated
October 26, 2004, transformed the Public Estates Authority (PEA),
created by Presidential Decree (PD) No. 1084, into the Philippine
Reclamation Authority (PRA);
WHEREAS, the PEA Tollway
Corporation (PEATC) is a subsidiary corporation of PRA registered with
the Securities and Exchange Commission (SEC);
WHEREAS,
Section 2 of EO No. 380-A provides that the Chairman and members of the
PEATC Board shall be appointed by the President of the Philippines;
NOW, THEREFORE, I, GLORIA MACAPAGAL ARROYO, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order:
SECTION 1. Section 2 of Executive Order No. 380-A, dated April 3, 2006, is hereby amended to read as follows:
“SECTION 2. PRA Subsidiary. The
Public Estates Authority Tollway Corporation (PEATC) is hereby spun off
as a separate corporation with its own management and supervision. It
shall continue to be recognized as a subsidiary of the PRA. PEATC shall
remit to the PRA whatever dividends it may derive from its operations.”
SEC. 2. All
executive orders, rules and regulations and other issuances or parts
thereof, which are inconsistent with this Executive Order, are hereby
revoked, amended, or modified accordingly.
SEC. 3. This Executive Order shall take effect immediately upon its publication in a national newspaper of general circulation.
Adopted: 15 Dec. 2006
(SGD.) GLORIA MACAPAGAL-ARROYO
President of the Philippines
By the President:
(SGD.) EDUARDO R. ERMITA
Executive Secretary