Jacinto Family Corporations
Letter of Instructions No. 39, issued on November 9, 1972, directs the Secretary of National Defense to take custody of the assets belonging to Mr. Fernando Jacinto and his family, due to their refusal to return to the Philippines and settle debts amounting to approximately P400 million. This includes assets from companies like Ferro Products, Jacinto Steel, and the Asia Leader press. The letter highlights concerns over fraudulent asset transfers intended to evade creditors and instructs immediate action to secure these properties. A report detailing the seized assets is to be submitted for further governmental review.
Law Information
- Reference Number
- Letter of Instructions No. 39
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 9, 1972
LETTER OF INSTRUCTIONS NO. 39
TO : The Secretary of National Defense
In view of the fact that Mr. Fernando Jacinto and his sons have refused to come back to the Philippines notwithstanding our repeated requests to settle their obligations to the Government which may amount to about P400 million, it is now necessary to protect the interest of the Government by taking over custody and possession of all assets of the Jacinto family as well as of all corporations in which they have interest or control. ATICcS
Some of these assets are: 1) Ferro Products; 2) Jacinto Steel; and 3) the Asia Leader press (the old Manila Chronicle printing plant). Some assets were illegally transferred, in an apparently fraudulent attempt to avoid creditors, to the Camara Steel from either Jacinto Steel or Ferro Products. Machinery from the IISMI factory compound in Iligan City are illegally stored at the CSC compound beside the Floro Cement in Iligan City.
You are hereby directed to immediately take over custody and possession of all assets of the Jacinto family and of corporations in which they have interest or control, and to submit a report listing all such property for accounting and study by the proper offices, agencies or organizations in the Government.
Cite This Law
Jacinto Family Corporations, Letter of Instructions No. 39, Nov 9, 1972 (Philippines)
Jacinto Family Corporations, Letter of Instructions No. 39 (Phil. 1972)
Related Laws
- Take Over of All Corporations in which the Jacinto Family have Controlling InterestLetter of Instructions No. 49 • Jan 5, 1973 • Presidential Issuances
- Take Over and Control of the Assets of Corporations Owned by Fernando JacintoLetter of Instructions No. 35 • Oct 28, 1972 • Presidential Issuances
- Acquisition of Jacinto Estate in Nueva EcijaLetter of Instructions No. 370 • Feb 3, 1976 • Presidential Issuances
- Conversion of San Jacinto High School in San Jacinto, Masbate Into a National High SchoolBatas Pambansa Blg. 380 • Apr 8, 1983 • Statutes
- Lifting of Suspension of Atty. Ponciano B. Jacinto from Practice of LawAdministrative Supervision of Courts Administrative Circular No. 13-89 • Mar 1, 1989 • Supreme Court Issuances
- Renaming of Taytay Bridge in Bohol to Amb. Jacinto Castel Borja BridgeRepublic Act No. 8029 • Jun 5, 1995 • Statutes
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