AMENDING THE REVISED CHARTER OF THE NATIONAL DEVELOPMENT COMPANY

WHEREAS, under the present economic crisis prevailing in the
country, the thrust of government policy and activity is to promote and develop
ventures and projects in agri-business;

WHEREAS, the National Development Company is among the
implementing agencies of this policy;

WHEREAS, the ability of the National Development Company to
effectively implement and pursue this policy has been hampered by a legal doubt
as to whether the restrictions imposed under Commonwealth Act No. 141, as
amended, otherwise known as the Public Land Act, on the acquisition, alienation,
encumbrance, repurchase, and utilization of lands acquired under said Act apply
as well to government institutions such as the National Development Company;

WHEREAS, to clarify such legal doubt, it is imperative that
the Revised Charter of the National Development Company be amended to enable it
to acquire lands registered or applied for registration under the Public Land
Act and to utilize the same in implementation of its delegated powers and
duties;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution do hereby
order and decree the following:

SECTION 1. There is hereby added to Section 4 of
Presidential Decree No. 1648 a new paragraph to be designated as paragraph “2-A”
which shall read as follows:

“(2-A) Notwithstanding the provisions of Section Twenty Nine, One Hundred
Eighteen, One Hundred Nineteen, One Hundred Twenty, One Hundred Twenty One, One
Hundred Twenty Two, One Hundred Twenty Three and One Hundred Twenty Four of the
Public Land Act, to acquire and hold lands originally acquired under the Public
Land Act and to directly develop, or contribute as equity or otherwise transfer
such lands to joint venture corporations which the Company may organize or
otherwise participate in as authorized under paragraph 1 of this Section, and
such joint venture corporations may acquire and own said lands acquired by the
Company.”

SEC. 2. This Decree shall take effect immediately upon
promulgation hereof.

Done in the City of Manila, this 14th day of November in the year of Our
Lord, nineteen hundred and eighty-three.