Executive Order No. 37

WHEREAS, Proclamation No. 50, s. 1986, launched a program for the disposition and privatization of government corporations and/or the assets thereof and created the Committee on Privatization (COP) and the Asset Privatization Trust (APT).

WHEREAS, Republic Act No. 7181, s. 1992, extended the life of the COP and APT from December 8, 1991 up to December 31, 1993;

WHEREAS, Administrative Order Nos. 8 and 9, s. 1992, directed the identification of idle government properties and recommend to the President an action plan for the disposition of such properties;

WHEREAS, 122 government-owned or -controlled corporations (GOCCs) were approved for privatization while 179 GOCCs were identified for retention, abolition, regularization or other dispositive modes;

WHEREAS, of the 122 GOCCs for privatization, 72 GOCCs were privatized/disposed as of September 30, 1992 generating gross sales proceeds of P 22 billion;

WHEREAS, 399 transferred assets were entrusted to APT for disposition, of which 288 were privatized/disposed as of September 30, 1992, generating gross sales proceeds of P 31 billion;

WHEREAS, the privatization program has proven successful and beneficial to the economy in terms of expanding private economic activity, improving investment climate, broadening ownership base and developing capital markets, and generating substantial revenues for priority government expenditures;

WHEREAS, there is still such potential for harnessing private initiative to undertake in behalf of government certain activities which can be more effectively and efficiently undertaken by the private sector;

NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:

SECTION 1. Restatement of Policy. – The National Government hereby reaffirms its privatization policy to promote an orderly, coordinated and efficient program for the privatization of government entities, assets or activities which are better managed, undertaken or owned by the private sector.

SEC. 2. Privatization of GOCCs Approved for Disposition. – Pursuant to the principles provided in Proclamation No. 50, s. 1986, the COP designated disposition entities shall submit to the COP a privatization action plan for all GOCCs approved for divestment as listed in Annex “A” within one month (1) from issuance hereof: Provided, That said action plan must contain a description of the privatization process to be adopted and a time frame for each step thereof. Said action plan shall include an offer to sell the company’s shares/assets within five (5) months from its approval by the COP.

SEC. 3. Review of GOCCs for Retention. – The Government Corporate Monitoring and Coordinating Committee (GCMCC) shall review the need to retain the GOCCs which were previously approved for retention, including but not limited to those listed in Annex “B” hereof, and submit its recommendation of companies, activities or assets thereof of a second group of GOCCs for privatization, to the COP within two (2) months from issuance hereof.

SEC. 4. Designation of Disposition Entity. – The COP shall review the list of disposition entities designated for the privatization of GOCCs and designate another disposition entity, such as the APT or the National development Company (NDC) if it is necessary for the effective and expeditious privatization of certain GOCCs.

SEC. 5. Sale of Idle Government Properties. – The Committees created pursuant to Administrative Order Nos. 8 and 9, s. 1992, shall submit its recommended action plan for the disposition of idle government properties to the President, through the COP, within three (3) months from issuance hereof.

SEC. 6. Privatization of Other Activities. – All heads of departments, bureaus, agencies and other government corporations shall identify their assets or activities which may be more efficiently, effectively and economically undertaken by the private sector through such arrangements as sale of physical assets, leasing of assets, management and maintenance contracts or build-operate-transfer (BOT) schemes. Where these are within their competence, they shall implement such privatization directly. Where these require actions of the office of the President or legislation, they shall submit their recommendations to the COP not later than three (3) months from issuance hereof. Where further assistance is needed, they may consult the COP and avail of grants for technical assistance for privatization, administered by the Department of Finance.

SEC. 7. Distribution of Net Proceeds. – Except for subsidiaries of the Government Service Insurance System and the Social Security System, all GOCCs shall remit to the National Government at least fifty per cent (50%) of the net proceeds derived from the sale of shares of assets effective October 1, 1992. Net proceeds shall mean gross proceeds less related liabilities and selling expenses.

SEC. 8. Implementing Rules. – The COP shall issue the necessary rules and regulations for the implementation of this Order within thirty (30) days from issuance hereof.

Done in the City of Manila, this 2nd day of December, in the year of Our Lord, nineteen hundred and ninety-two.

CORPORATION	AREA OF ACTIVITY
ASSET PRODUCTION TRUST
1. APO Production Unit Inc.	Printing services
2. Associated Bank	Commercial banking
3. Basin Dredging and Development Corporation	Dredging and reclamation
4. Bicolandia Sugar Development Corporation	Sugar milling
5. East Visayas Agricultural Projects, Inc.	Swine, poultry, farming
6. Leyte Park Hotels, Inc.	Hotel operations
7. Northern Foods Corp.	Tomato paste production
8. Philippine Fruit and Vegetable Industries Inc.	Tomato paste production
9. Philippine Shipyard Engineering Corp.	Ship repair and fabrication of steel prod.
10. Philippine Sugar Corporation	Finance, acquisition, rehab/expansion of sugar mills
11. Phividec Panay Agro-Industrial Corp.	Plantation farming/fertilizer production and trading
12. Ridge Resort and Convention Center, Inc.	Resort and convention facility mgt.
13. San Carlos Fruit Corp.	Fruit puree production
DEVELOPMENT BANK OF THE PHILIPPINES
1. DBP Data Center Inc.	Dev’t. and mgt. of DBP computer sys. and personnel
2. Philippine Amanah Bank	Commercial banking
DEPARTMENT OF AGRICULTURE
1. Food Terminal, Inc.	Food, trading, processing, storage, real estate mgt.
2. Republic Transport and Shipyard Corp.	Sugar terminal and shipyard operation
DEPARTMENT OF TRANSPORTATION AND COMMUNICATION
1. Metro Manila Transit Corp.	Passenger bus operation and leasing
2. Philippine Aerospace Development Corp.	Aircraft mgt., maintenance eng., selling
3. Philippine Helicopter Services Inc.	Maintenance and overhaul of helicopters
GOVERNMENT SERVICE INSURANCE SYSTEM
1. Manila Hotel Corporation	Hotel operation and management
2. Meat Packing Corporation of the Philippines	Meat processing/canning
NATIONAL DEVELOPMENT COMPANY
1. Batangas Land Company Inc.	Land ownership
2. GY Real Estate Inc.	Land ownership
3. Kamayan Realty Corp.	Land ownership
4. Nadeco Realty Corp.	Land ownership
5. National Steel Corp.	Steel production
6. National Trucking and Forwarding Corp.	Trucking, freight of forwarding
7. NDC-Guthrie Estates, Inc.	Palm oil production
8. NDC-Guthrie Plantations, Inc.	Palm oil production
9. Philippine Associated Smelting and Refining Corp.	Copper smelting and refining
10. Philippine Phosphate Fertilizer Corp.	Fertilizer production
11. Philippine Plate Mills Company, Inc.	Manufacturing of steel plates
12. Philippine Pyrite Corp.	Production of pyrite concentrates
13. Pinagkaisa Realty Corp.	Land ownership
14. Refractories Corporation of the Philippines	Production of basic refractories
15. Semirara Coal Corp.	Coal mining
PRESIDENTIAL MANAGEMENT STAFF
1. Integrated Food Mills Corp.	Feed production
2. Marawi Resort Hotel Inc.	Hotel operation
3. Mindeva Coco-Coir Industries, Inc.	Production of coco-coir fiber product
4. Mountain Springs Development Corp.	Swine raising
5. Panaon Prawn Development Corp.	Prawn fry and larvae raising
6. Shoe Technology Corp.	Footwear manufacturing
PHILIPPINE NATIONAL OIL COMPANY
1. Filoil Industrial Estates Inc.	Land ownership
2. Filoil Refinery Corp.	Oil refining
3. Malangas Coal Corp.	Coal refining Int’l.
4. PNOC Oil Carriers, Inc.	Oil Tanker operation
NATIONAL IRRIGATION AUTHORITY
1. NIA-consult, Inc.	Consultancy, mgt. and special services of projects

NAME OF CORPORATIONS	OFFICE TO W/C ATTACHED
1. National Food Authority	DA
2. National Irrigation Administration	DA
3. National Tobacco Administration	DA
4. Philippine Coconut Authority	DA
5. Philippine Fisheries Development Authority	DA
6. Philippine Rice Research Institute	DA
7. Quedan and Rural Credit Guarantee Corporation	DA
8. Sugar Regulatory Administration	DA
9. National Electrification Administration	DENR
10. Natural Resource Development Corporation	DENR
11. Philippine Veterans Assistance Commission	DND
12. Philippine Veterans Bank	DND
13. Philippine Veterans Investment Development Corporation	DND
14. Phividec Industrial Authority	DND
15. Veterans Federation of the Philippines	DND
16. Philippine Crop Insurance Corporation	DOF
17. Philippine Export & Foreign Loan Guarantee Corporation	DOF
18. Lung Center of the Philippines	DOH
19. National Kidney Institute	DOH
20. Philippine Children’s Medical Center	DOH
21. Philippine Heart Center	DOH
22. Employees Compensation Commission	DOLE
23. Philippine Convention & Visitors Corporation	DOT
24. Philippine Tourism Authority (Including Duty Free Shops, other assets or subsidiaries)	DOT
25. Light Rail Transit Authority	DOTC
26. Manila International Airport Authority	DOTC
27. Philippine National Railways	DOTC
28. Philippine Ports Authority	DOTC
29. Postal Service Corporation	DOTC
30. Local Water Utilities Administration	DPWH
31. Metropolitan Waterworks & Sewerage System	DPWH
32. Asean Copper Products, Inc.	DTI
33. Center for International Trade & Exposition Missions, Inc.	DTI
34. Cottage Industries Technology Center (Formerly NACIDA)	DTI
35. Export Processing Zone Authority	DTI
36. National Development Company	DTI
37. a. Manila Gas Corporation	DTI
38. a.1. Inter-Island Gas Service, Inc.	DTI
39. a.2. Pagkakaisa Gas Storage Corporation	DTI
40. b. Philippine International Trading Corporation	DTI
41. Small Business Guarantee and Finance Corporation	DTI
42. Home Development Mutual Fund	HUDCC
43. Home Insurance and Guarantee Corporation	HUDCC
44. National Home Mortgage Finance Corporation	HUDCC
45. National Housing Authority	HUDCC
46. Philippine Deposit Insurance Corporation	NEDA
47. Philippine Institute for Development Studies	NEDA
48. Bases Conversion Development Authority	OP
49. Central Bank of the Philippines	OP
50. a. Philippine International Convention Center, Inc.	OP
51. b. Private Debt Restructuring & Repayment Corporation	OP
52. Cultural Center of the Philippines	OP
53. Development Academy of the Philippines	OP
54. Development Bank of the Philippines	OP
55. Government Service Insurance System	OP
56. Land Bank of the Philippines	OP
57. a. LBP Insurance Brokerage, Inc.	OP
58. b. LBP Leasing Corporation	OP
59. c. Lumang Bayan Realty Development Corporation	OP
60. d. Masaganang Sakahan, Inc.	OP
61. Livelihood Corporation	OP
62. National Agri-Business Corporation	OP
63. National Power Corporation	OP
64. PAGCOR Services, Inc.	OP
65. People’s Television Network, Inc.	OP
66. Philippine Center for Economic Development	OP
67. Philippine National Oil Company	OP
68. a. Petron Corporation	OP
69. b. Petron Tankers Corporation	OP
70. c. Petrophil Tankers Corporation	OP
71. d. PNOC Energy Development Corporation	OP
72. e. PNOC Exploration Corporation	OP
73. f. PNOC Shipping & Transport Corporation	OP
74. g. PNOC Tankers Corporation	OP
75. Philippine Retirement Authority	OP
76. Public Estates Authority	OP
77. Social Security System	OP
78. Southern Philippines Development Authority	OP
79. Strategic Investment Development Corporation	OP
80. Subic Bay Metropolitan Authority	OP
81. Technology & Livelihood Resource Center	OP

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