Proclamation No. 82, s. 1987

P MS LiBRARY

MaALACANANG Manila

‘PROCLAMATION NOs 82:

DIRECTING HAT ALL PROCEEDS OF THE SALE OF NON- ORMING i.SSETS OF THE aSSELTS PRIVATIZATION TRUST 38. USED EXCLUSIVELY FOR LaND REFORM

WHEREAS, the elinination of peverty, the equitable distribution of wealth, and the feneration of productive self-employment is of the highest priority of this Administration;

WHEREAS, this centuries-old problem can be remedicd thru a meaning-= ful agrarian land reform program; .

WHEREAS, the past repime ordercd Rovernment financial institutions to extend "behest" loans to its favorites and cronies who obtained. amounts unconecionably far in excess of their loan valucs and knowing full well that they would never be repaid;

WHEREAS, the enterprises borne out of these behest loans have been or will be turned over by the government financial. institutions $o the Assets Privatization Trust for sale; .

WHEREAS, initial reports indicate that the transfer value of the non-performing assets from the Philippine National Bank and the Develops ment Bank of the Philippines to the Asscts Yrivatization Trust is P108 billion but that their market value would only be roughly #23.8 billion;

WHEREAS, the foregoing figure does not incluce the non-performing assets of the National Development Cos, the Philippine Loan Guarantee Corpe and cther government institutions whose assets shall likewise be transferred to the assets Privatizetion Trust for eventual sale;

WHEREAS, attempts for land reform in the past have failed because of lack of adequate funds to finance it;

WHERS4S, land reform has been a long-overdue measure of social justice waich must be met head-on with massive funding and would provide

the opportunity to put this bad money coming from the "behest loans" to good use;

NOW, THEREFORE, I, CORAZON CG. aQUINO, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby direct that all proceeds from the sale of all non-performing assets by the Assets Privatization Trust be devoted entirely and exclusively to the land reform program of the government. I direct the Departments of agrarian Reform, Agriculture and Food, Natural Resources and Finance, the National Economic and Development authority, and the Assets Priva- tization Trust to prepare a comprehensive land reform program, anchored on the utilization of the proceeds from the sale of the non-performing assets. a

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IN WITNESS WHEREOF , I have hereunto set my hand and caused the seal of the Republic of the Philippines to be ‘affixed.

DONE in the- City of Manila, this 3rd day of March, in the year of Cur Lora, nineteen hundred and eighty-seven.

(sGD.). CORAZON Ce: AQUINO President of rahe Philippines

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By the President:

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sa : (SGD.) JOKER P. ARROYO Executive Secretary

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