Executive Order No. 127-A

 

 

CREATING THE CORPORATE AFFAIRS GROUP AND FOR OTHER PURPOSES

 

WHEREAS, the proliferation of corporations and assets owned, controlled or acquired by the government has caused one of the most serious financial problems of the national government;

 

WHEREAS, the rationalization, privatization and public accountability of such corporations and assets is now a primary national objective and a primary function of the Department of Finance which is to play a central role in the attainment of this objective;

 

WHEREAS, the appropriate organization for this function was not provided in Executive Order No. 127, Series of 1987 reorganizing the Ministry of Finance;

 

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by the sovereign will of the Filipino people and the Constitution, do hereby order:

 

SECTION 1.  Section 12 of Executive Order No. 127, Series of 1987 is hereby amended, to include paragraph (d), to read as follows:

 

“(d) Corporate Affairs Group shall be composed of the following:

 

“(1) Corporate Concern Office;


“(2) Policy and Program Coordination Office; and

 

“(3) Privatization Office”  

 

SEC. 2.  Executive Order No. 127, Series of 1987 is hereby amended to include new sections to be known as Sections 53-59 to read as follows:

 

“SEC. 53.  Corporate Concerns Office.  – The Corporate Concerns Office, headed by a Director shall have the following functions:

 

“(a) Provide assistance to the Department of Finance in the exercise of its role in the Government Corporate Monitoring and Coordinating Committee;

“(b) Provide assistance to the Department relating to the operations of government corporations; and

 

“(c) Perform such other functions as may be assigned by the Secretary and Undersecretaries of Finance.

 

“SEC. 54.  Composition.  – The Corporate Concerns Office shall be composed of the following:

 

“(a) Government Financial Institution Division;


“(b) Public Utilities Division;


“(c) Agricultural/Industrial/Area Development Institutions Divisions; and


“(d) Trading/Cultural/Scientific Institutions Division.

 

“SEC. 55.  Policy and Program Coordination Office.  –  The Policy Program Coordination office, headed by a Director shall have the following functions:

 

“(a) Formulate the policies of the Department of Finance affecting government corporate sector consistent with the National Government Plan;

 

“(b) Coordinate with offices within the Department as well as with other government departments in the adoption of an integrated fiscal and financial plan and program for the National Government;

 

“(c) Conduct studies and researches necessary for the efficient and effective implementation of such policies; and

 

“(d) Perform such other functions as may be assigned by the Secretary and Undersecretaries of Finance.

 

“SEC. 56.  Composition.  – The Policy and Program Coordination Office shall be composed of the following:

 

“(a) Policy Research and Formulation Division; and


“(b) Program Implementation Division.

 

“SEC. 57.  Privatization Office. – The Privatization Office, to be headed by a Director, shall have the following functions:

 

“(a) Provide assistance to the Secretary of Finance in the exercise of his functions as Chairman of the Committee on Privatization;

 

“(b) Provide assistance to the Secretary of Finance in the evaluation and review of the issues involved in the prospective privatization or disposal of government corporate assets;

 

“(c) Assess the financial and socioeconomic impact of the privatization or disposal of corporate assets;

 

“(d) Perform other such functions as may be assigned by the Secretary and Undersecretaries of Finance.

 

“SEC. 58.  Composition. – The Privatization Office shall be composed as follows:

 

“(a) Appraisal and Evaluation Division; and


“(b) Issues and Procedures Division.

 

“SEC. 59.  Support Services and Staffs.  – The Undersecretary for Corporate Affairs shall be directly assisted by support services and staffs, as follows:  

 

“(a) Government Corporate Databank Service;


“(b) Administrative Staff; and


“(c) Committee on Privatization Secretariat.”

 

Accordingly, Sections 53-68 of Executive Order No. 127 are hereby renumbered as Sections 60-75.

 

SEC. 3.  Separability.  – Any portion or provision of this Executive Order that may be declared unconstitutional shall not have the effect of nullifying other portions or provisions hereof as long as such remaining portions or provisions can still subsist and be given effect in their entirety.

 

SEC. 4.  Repealing Clause.  – All laws, ordinances, rules, regulations and other issuances or parts thereof, which are inconsistent with this Executive Order are hereby repealed or modified accordingly.

 

SEC. 5.  Effectivity.  – This Executive Order shall take effect immediately upon its approval.

 

Approved in the City of Manila, Philippines, this 22nd day of July, in the year of Our Lord, nineteen hundred and eighty-seven.

 

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