DIRECTING THE DISSOLUTION OF PHILCORP PTY LTD

WHEREAS, pursuant to Executive Order No.
572, issued on 06 December 1979, PhilBai International Pty was created as a
centralized cattle and meat buying agency of the Philippines in Australia to
cover the Oceania Region;

WHEREAS, in a Memorandum dated 07 April
1986, pursuant to a Presidential directive, the then Minister of Agriculture
ordered the dismantling of PhilBai International;

WHEREAS, pending the liquidation of
PhilBai International, PhilCorp. Pty  Ltd was set up on 20 July 1993 to
take over the functions, and protect and preserve the assets of PhilBai
International;

WHEREAS, in line with the current thrust
of government to liberalize trade and commerce and allow free enterprise to
serve as the prime mover of sustained economic development, the time has come
to end the monopoly introduced under Executive Order No. 572 in the importation
of livestock from the Oceania Region;

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

Section 1. The dissolution and liquidation, in accordance with Philippine and
Australian laws, of PhilCorp. Pty Ltd.

Sec. 2. The Department of Agriculture and the Office of the Government
Corporate Counsel shall take the necessary steps to effect and carry out the
dissolution and liquidation process in dismantling PhilCorp Pty. Ltd.

Sec. 3. The Department of Agriculture is hereby authorized to utilize the
remaining assets of PhilCorp Pty Ltd to purchase breeding cattle from the
Oceania Region for upgrading of the local livestock.

Sec. 4. All orders, issuances, rules and regulations or parts thereof
inconsistent with the provisions of this Executive Order are hereby repealed
and/or modified accordingly.

Sec. 5. This Executive Order shall take effect immediately.

Done in the City of Manila, this
13th day of October in the year of Our Lord, Nineteen Hundred and Ninety Five.

(Sgd.) FIDEL
V. RAMOS
President of the Philippines

By the President:

(Sgd.) RUBEN D. TORRES
Executive Secretary

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