Further Amending Section 2-A of Republic Act Numbered Sixty-Two Hundred Thirty Four Entitled "An Act Creating the Metropolitan Waterworks and Sewerage System and for Other Purposes"

EXECUTIVE ORDER NO. 1063 November 12, 1985

FURTHER AMENDING SECTION 2-A OF REPUBLIC ACT NUMBERED SIXTY-TWO HUNDRED THIRTY FOUR ENTITLED "AN ACT CREATING THE METROPOLITAN WATERWORKS AND SEWERAGE SYSTEM AND FOR OTHER PURPOSES"

WHEREAS, under New Republic, national development shall be pursued with renewed dedication and greater determination through a more efficient, effective and economical government;

WHEREAS, under Republic Act No. 6234, as amended, it is a declared national policy of the state that the establishment, operation and maintenance of waterworks and sewerage systems must be supervised and controlled by the State, because the proper operation and maintenance of such systems are essential public services which are vital to public health and safety;

WHEREAS, pursuant to such policy, the Metropolitan Waterworks and Sewerage System has been undertaking a program of construction and improvement of the water supply and distribution systems in order to provide and insure continuous and adequate supply of potable water to the inhabitants of the Metropolitan Manila Area;

WHEREAS, the continued and tremendous growth and expansion...

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Summary of Executive Order No. 1063

Amending the Capital Stock of the Metropolitan Waterworks and Sewerage System (MWSS)

- Increases the authorized capital stock of MWSS to Eight Billion Pesos (P8,000,000,000.00) divided into 80 million shares with a par value of P100.00 each. (Sec. 1)
- The shares cannot be transferred, negotiated, pledged, mortgaged, or given as security for payment of any obligation. (Sec. 1)
- The initial paid-in capital is set at Two Billion, One Hundred Thirty Five Million, Four Hundred Sixty Seven Thousand Pesos (P2,135,467,000.00), which has already been subscribed and fully paid by the Philippine government. (Sec. 1)
- The remaining Five Billion, Eight Hundred Sixty Four Million, Five Hundred Thirty-Three Thousand Pesos (P5,864,533,000.00) shall be subscribed by the Philippine government. (Sec. 1)
- A continuing appropriation is made from any funds in the National Treasury not otherwise appropriated, including tax collections accruing to the General Fund, or proceeds from loans, bonds, treasury bills, or notes issued by the Minister of Finance. (Sec. 1)
- The annual appropriation shall be programmed and released in accordance with pertinent budget laws until the unpaid subscription of the government to the capital stock of MWSS is fully paid. (Sec. 1)
- Repeals or modifies any inconsistent laws, decrees, orders, proclamations, rules, or regulations. (Sec. 2)
- Provides for severability of provisions if any portion is declared unconstitutional. (Sec. 3)
- The Executive Order takes effect immediately. (Sec. 4)