AMENDING SECTION 24 OF PRESIDENTIAL DECREE NO. 66 WHICH CREATED THE EXPORT PROCESSING ZONE AUTHORITY

WHEREAS, Section 24 of Presidential Decree No. 66,
authorizes the President of the Philippines to transfer certain parcels
of land described in Proclamation Nos. 629, series of 1969; 740, series
of 1970; 939, 899 and 900, all series of 1971, to the Export Processing
Zone Authority, the Government Service Insurance System and/or the
Social Security System;

WHEREAS, said Decree does not define the limitation by which
the Authority may dispose of said lands; and

WHEREAS, it is felt that in order that the Government shall
maintain ownership over said parcels of land, it is necessary in the
interest of the public, that if the same are mortgaged by the Authority
to any lending institution and the latter fails to redeem said lands,
the Government shall be given the right to repurchase the same;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines, and
pursuant to Proclamation No. 1081, dated September 21, 1972, and General
Order No. 1, dated September 22, 1972, do hereby order and decree:

SECTION 1. Section 24 of Presidential Decree No. 66 is
hereby amended to read as follows:

“SEC. 24. Title to Real Property. — The public
lands fixed and delimited as the site of the foreign trade zone under
Proclamation No. 692, series of 1969, Proclamation Nos. 899 and 939,
both series of 1971, of the President of the Philippines shall be
surveyed by the Bureau of Lands and conveyed thereafter in absolute
ownership to the Authority by the President of the Philippines for the
nominal sum of one peso for each parcel of land being conveyed under
this Section. Upon receipt of said deed of conveyance, the proper
Register of Deeds shall register the same and issue the corresponding
original certificate of title to the Authority. Likewise, the public
land fixed and delimited as the site of a low-cost housing project for
workers in the Zone under Proclamation No. 740, series of 1970, as
amended by Proclamation No. 900, series of 1971, of the President of the
Philippines, shall be surveyed by the Bureau of Lands and conveyed in
absolute ownership by the President of the Philippines to the Authority,
the Government Service Insurance System and/or Social Security System
and in the manner hereinafter provided. Upon receipt of the deed of
conveyance, the proper Register of Deeds shall forthwith register the
same and issue the corresponding original certificate of title thereof:
Provided, That should the lands herein granted be used as collateral for
any loan contracted by the grantee from any lending institution, the
said lands, in the event of foreclosure, shall be subject to repurchase
by the Authority, or in default thereof, by the Government within a
period of five (5) years from the date of foreclosure sale.”

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 1st day of March, in the year
of Our Lord, nineteen hundred and seventy-four.