Amendment to E.O. Nos. 380 s. 2004 and 380-A s. 2006 Re: Reclamation Assets to Be Retained by PRA

August 9, 2007

EXECUTIVE ORDER NO. 653

AMENDING EXECUTIVE ORDER NOS. 380 AND 380-A, SERIES OF 2004 AND 2006, RESPECTIVELY

WHEREAS, Presidential Decree (PD) No. 1084 created the Public Estates Authority (PEA);

WHEREAS, Executive Order (EO) No. 380 dated October 26, 2004 transformed the PEA into the Philippine Reclamation Authority (PRA), with the non-reclamation assets and liabilities transferred to the Department of Finance (DOF);

WHEREAS, EO No. 380-A dated April 3, 2006 clarified certain provisions of EO No. 380 (2004), whereby only non-reclamation assets were to be transferred to the National Government;

WHEREAS, the agreement of PRA with DOF to convey to the latter a 62-hectare reclaimed land in Central Business Park I — Islands B & C (CBP-IBC) in Parañaque City in exchange for the DOF's assumption PRA's liabilities never materialized;

WHEREAS, there is a need to clarify further what reclamation assets should be retained by PRA;

WHEREAS, the Philippine Amusement and Gaming Corporation (PAGCOR) is interested in acquiring 40-hectares of the CBP-IBC property, and PRA has reserved such portion to PAGCOR by way of a Memorandum of Understanding dated May 19, 2006.

WHEREAS, the amendment of Section 3 of EO Nos. 380 and 380-A, series of 2004 and 2006, respectively, is necessary.

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 3 of Executive Order No. 380 dated October 26, 2004 and Section 3 of Executive Order No. 380-A dated April 3, 2006 are hereby amended as follows:

"Section 3. The reclamation assets to be retained by PRA shall include all its existing reclaimed lands, whether fully or not, developed or undeveloped; all those lands to be reclaimed; all horizontal and vertical improvements and buildings on reclaimed lands, all the funds derived from disposition or use of reclaimed lands; all other properties acquired by PRA through the proceeds/income of reclaimed lands and reclamation undertakings; and proceeds/income of all PRA properties acquired from the preceding reclamation assets. aDICET

It is hereby understood that no liability shall be transferred to the National Government."

SECTION 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.

SECTION 3.  This Executive Order shall take effect fifteen (15) days after its publication in a national newspaper of general circulation.

DONE in the City of Manila, this 9th day of August, in the Year of Our Lord, Two Thousand and Seven.