Administrative Order No. 57 — Directing the Liquidation of Selected Government-owned or Controlled Corporations Registered with the Securities and Exchange Commission

MALACAÑANG

MANILA

BY THE PRESIDENT OF THE PHILIPPINES

ADMINISTRATIVE ORDER NO. 57

DIRECTING THE LIQUIDATION OF SELECTED GOVERNMENT-OWNED OR CONTROLLED CORPORATIONS REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION

WHEREAS, numerous government-owned or controlled corporations were indiscriminately established through registration with the Securities and Exchange Commission in disregard of the Constitutional mandate that government-owned or controlled corporations may be created only by special charters;

WHEREAS, the objectives and purposes for which the aforementioned corporations were created are no longer in conformity with the present social and economic development program of the government;

WHEREAS, studies conducted pursuant to Executive Order Nos. 5 and 165 disclosed that continued maintenance of said corporations is inimical to the national interest and the common good. DTcACa

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do hereby order:

The following corporations are hereby abolished:

Agro-Industrial Resource Mobilization Corporation

Alfombras Manuals Filipinas, Inc.

Asean Philippine Copper Holdings, Inc.

Basin Fiberglass Corporation

East Visayas Transport Corporation

Entertainment Philippines, Inc.

Farmacor, Inc.

Hyacinth Products Enterprises & Resources Dev't. Corp.

Leyte Wood Exports Corporation

Liquid Gas Philippines, Inc.

NDC-Shell (Billiton) Mineral Investments, Inc.

NDC-Logistics Corporation

National Aero Manufacturing Corporation

National Heavy Engineering Corporation

National Investment and Development Corporation

National Rayon Corporation

National Tinplate Corporation

PNL Leasing Company, Inc.

PNOC Alcohol Corporation

PNOC Enercon Corporation

PNOC Geothermal Technology Corporation

PNOC Petrochemical Development Corporation

PNOC Petroleum Tankers, Inc.

Perkins Engines Eastern (Phil.), Inc.

Philippine Aero Transport, Inc.

Philippine Resource Helicopters, Inc.

Phividec Foundation, Inc.

Recto Central Park Development Corporation

Republic Sugar Development Corporation

Rural Energy Systems International, Inc.

Sab-A Feeds Enterprises, Inc.

Samar Sea-Ticao Pass Fisheries Development Corporation

Technology Management Development Corporation

The Borromeo Corporation

Universal Computer Resources Network, Inc.

SECTION 2. Dissolution Process . The abolished corporations are hereby directed to immediately effect the dissolution of their respective corporate existence, in accordance with the Corporation Code of the Philippines and the provisions of pertinent rules and regulations.

SECTION 3. Monitoring and Coordinating Agency . The Department of Budget and Management (DBM) is hereby designated to monitor and coordinate with the said corporations and/or the respective Departments to which they are attached to ensure the effective implementation of the intent and provisions of this Administrative Order.

The DBM shall submit a periodic report to the President of the status of the dissolution process for each of the abolished corporation. Likewise, the DBM shall submit a closing report for each abolished corporation where the dissolution process has been completed.

DONE in the City of Manila, this 12th day of February, in the year of Our Lord, nineteen hundred and eighty-eight.

(Sgd.) CORAZON C. AQUINO

President of the Philippines

By the President:

(Sgd.) CATALINO MACARAIG, JR.

Executive Secretary

Office of the President of the Philippines. (1988). [Administrative Order Nos. : 1 - 150 ]. Manila : Malacañang Records Office.

Resources

[PDF] Administrative Order No. 57, February 12, 1988