Proclamation No. 765, s. 1996

MALACANAN~ Manila PROCLAMATION NO.-2f!.5 SUPPLEMENTING PROCLAMATION NO. 542 ON THE OLD BILIBID COMPOUND URBAN RENEWAL AND INFRASTRUCTURE DEVELOPMENT PROJECT WHEREAS, in response to current and urgent public needs, Proclamation No. 542 dated February 28, 1995 authorized the renewal and development of the badly blighted but very prime patrimonial property of the National Government known as the Old Bilibid Compound, with an area of 6.2 hectares, at the corner of Quezon Boulevard and Claro M. Recto Avenue in downtown Manila, into a modern and efficient residential and commercial complex, anchored by an intermodal transport terminal for the converging busy thoroughfares and elevated rail transits, the LRT1 and the prospective LRT2 and LRT4, in the area; WHEREAS, Proclamation No. 542 likewise designated the Public Es!ates Authority (PEA) as the principal agency responsible for the administration, management and development of this pioneering landmark project, pursuant to its charter, demonstrated capability, and its feasibility and planning studies undertaken on the Project, called the Old Bilibid Compound Urban Renewal and Infrastructure Development Project (the "Project"); WHEREAS, Act No. 3984 approved on 3 De,cember 1932 authorizes the President of the Philippines (formerly Governor-General) to sell the lands, buildings, and improvements comprising the Old Bilibid Prison Compound and Section 76 of Presidential Decree No. 1445 also allows the transfer of properties no longer serviceable or needed by the government agency to which it belongs to another agency without cost; WHEREAS, the PEA studies indicate.the need for a much bigger site for the Project than the Old Bilibid Compound property, to include the adjoining properties at least within the block bounded by Quezon Boulevard, Claro M. Recto Avenue, Oroquieta and V.E. Fugoso Streets, all in dire need likewise of renewal, to support a financially viable and truly meaningful deslumming and development of a Metro Manila core transport terminal and habitation for business workers and residents in the area, including students in the neighborhood schools; WHEREAS, the other properties inside the city block needed for the initial Project site consist of two smaller patrimonial properties of the National Government, the sites of Central Market, 0.8 hectare, and the Or. Jose Fabella Memorial Hospital 1.1 hectares, while the rest are owned or held by private parties, which should be consolid~ted for the Project site; WHEREAS, as planned by PEA, the huge funding requirements of the Project will be sourced from private sector investments through securitization of the Project and issuance of project-backed securities, a capital formation- method whose legality and market acceptability have been tested in other big projects of the Govern~~t; WHEREAS, the Project implementation involves problems and requirements which need the functional prerogatives and support of various Government agencies, which in the public interest are l1ereby enjoined to be done, clarified and strengthened. If) Public Estates Authority: a) To generate the developmental funds needed for the Project from private sector investments through Project securitization and issuance of Project-backed certificates, in accordance with the Project Business and Financial Plans, legal requirements of full public disclosure and protection of investors and market-oriented terms. To include iA the Project the upgrading and construction of dormitory facilities to service students of the neighborhood schools on such sites as may be deemed appropriate and accordingly consolidated into the Project area. oj j) To account and turnover, after the final completion of the Project, to the Department of Environment and Natural Resources for its proper disposition, particularly for the benefit of other urban renewal efforts, all the residual funds and other assets after having deducted all Project costs and commitments from the Project inflows, real estate properties and products, which inflows will in the interim take on the private nature of funds invested in the Project and the business orientation of the resulting trusted asset pool funds, which thus should be accounted and treated as private funds. 2. Department of Environment and Natural Resources: a) To promote and support the Project to be undertaken in accordance with Masterplan, Business and Financial Plans prepared and submitted by PEA, thus in effect, clarifying and confirming- the grant of adequate powers to PEA to deal with the Old Bilibid Compound and other patrimonial properties involved in the Project according to the said Plans, such as to source developmental funds through securitizationJ to convey the Government properties in trust to the asset pool and to dispose of or otherwise deal with such properties, their improvements and products, in accordance with the approved Business Plan. b) To cause the location survey and issuance of special patents or other appropriate documents in the name of the Republic of the Ppilippines for the Old Bilibid Compound and other patrimonial properties involved in the Project. 3. Home Insurance and Guaranty Corporation To design, together with the PEA and other parties concerned, and extend the appropriate guaranty mechanisms for the Project-backed securities which will be issued for the Project and its component units or by-projects, which are transport system and shelter related, pursuant to the HIGC charter powers and functional precedents, as well as its expanded powers granted by Republic Act No. 7279, known as the Urban and Housing Development Act of 1992. 4. Other Agencies The Department of Interior and Local Governments, Department of Transportation and Communications, Department of Public Works and Highways, Department of Justice, Department of Health, City of Manila, Philippine National Police, Housing and Urban Development Coordinating Council and ,a" .other Government agencies and instrumentalities whose assistance are needed and requested by the Public Estates Authority are hereby enjoined and directed to extend their utmost support and cooperation. DONE in the City of Manila this ay of March, in t e year of our rd Nineteen-Hundred and Ninety-Six. , ..' ~ prv1S LIBRARY :dent: Received ~ D.