AMENDING EXECUTIVE ORDER NO. 62, SERIES OF 1993, WHICH PRESCRIBED THE POLICIES AND GUIDELINES TO IMPLEMENT REPUBLIC ACT NO. 7227

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WHEREAS, Executive Order No. 62, series of 1993, was issued prescribing the
policies and guidelines to implement Republic Act No. 7227, otherwise known as
the Bases Conversion and Development Act of 1992;

WHEREAS, Section 4.9.2 of the said executive order fixes the lease period of
baseland properties to 25 years subject to renewal for another 25 years;

WHEREAS, Section 4 of Republic Act No. 7652, otherwise known as Investors’
Lease Act, allows foreign investors investing in the Philippines to lease
private lands for the establishment of industrial estates, factories, assembly
or processing plants, agro-industrial enterprises, land development for
industrial, or commercial use, tourism, and other similar priority productive
endeavors for a period not exceeding fifty (50) years, renewable once for not
more than twenty-five (25) years;

WHEREAS, Section 1 (d) of the rules implementing RA 7652 defines private
lands as those including patrimonial properties of the state owned, held,
controlled, supervised or managed by government owned or controlled
corporations such as but not limited to the Export Processing Zone Authority,
the Phividec Industrial Authority and the Bases Conversion arms, such as Clark
Development Corporation (CDC) and the Subic Bay Metropolitan Authority;

WHEREAS, there is a need to amend Section 4.9.2 of Executive Order 62 in
order to grant Filipino investors the same privilege given to foreign locators
investing in properties being held, managed or administered by the BCDA, SBMA,
CDC and any of its subsidiaries;

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

SECTION 1. Amendment of
Lease Period. Section 4.9.2 of EO 62, series
1993, is hereby amended to read as follows:

4.9.2. Lease agreements may be
on short-term or long-term basis but not to exceed fifty (50) years, renewable
once for not more than twenty-five (25) years, for local investors establishing
industrial estates, factories, assembly or processing plants, agro-industrial
enterprises, land development for industrial, or commercial use, tourism and
other similar priority productive endeavors;

The twenty-five years lease
period, renewable once for another twenty-five (25) years, shall continue to
operate for investments not included in the foregoing enumeration.

SEC. 2. Repealing
Clause. Any and all orders, rules and
regulations or parts thereof inconsistent herewith are hereby amended, modified
or repealed accordingly.

SEC. 3. Effectivity.  This Executive Order shall take effect immediately.

DONE in the City of Manila, this 28th day of July in the year of
Our Lord, Nineteen Hundred and Ninety-Seven.

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

By the President:

(Sgd.) RUBEN D. TORRES
Executive Secretary

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