An Act Transferring Ownership Of The Engineer Island To The National Steel And Shipyard Corporation (NASSCO) And Authorizing The Disposition Thereof

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 770 August 20, 1975

AN ACT TRANSFERRING OWNERSHIP OF THE ENGINEER ISLAND TO THE NATIONAL STEEL AND SHIPYARD CORPORATION (NASSCO) AND AUTHORIZING THE DISPOSITION THEREOF

WHEREAS, various government performance evaluation and/or study groups have recommended the disposition of all NASSCO properties and units, including the Engineer Islands Shops (EIS), in the interest of the national government;

WHEREAS, for all intents and purposes the Engineer Islands where the shops and facilities are located, has through the years been treated as NASSCO's property as evidenced by its inclusion in NASSCO's fixed assets as reported by the Government's accountant and auditor;

WHEREAS, in order to facilitate the disposition of all assets of NASSCO including the Engineer Island, there is a need to transfer ownership of said Island to NASSCO;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution of the Philippines, hereby decree as follows:

Section 1. The title to and...

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Summary of Presidential Decree No. 770

Transfer of Ownership of Engineer Island to NASSCO
- The title and ownership of Engineer Island located in Manila City is transferred and vested in NASSCO. (Section 1)
- The Bureau of Lands shall resurvey Engineer Island within 15 days to ascertain its actual location and boundaries. (Section 2)
- The Register of Deeds shall register Engineer Island and issue the corresponding certificate of title to NASSCO. (Section 2)

Disposition of Engineer Island
- NASSCO may transfer absolute ownership of Engineer Island or any portion thereof to persons or corporations qualified to acquire land under the Constitution. (Section 3)
- The transfer can be done through public bidding or negotiations, as the interest of the government warrants. (Section 3)

Repealing Clause
- All laws, executive orders, proclamations, rules and regulations inconsistent with this Decree are repealed or modified accordingly. (Section 4)

Effectivity
- This Decree shall take effect immediately. (Section 5)