EXECUTIVE ORDER NO. 373 October 17, 1989
PROVIDING FOR THE TURN-OVER OF THE ASSETS OF THE UNIVERSITY OF LIFE COMPLEX TO THE DEPARTMENT OF EDUCATION, CULTURE AND SPORTS AND FOR OTHER RELATED PURPOSES
WHEREAS, the President and the Cabinet resolved last May 1987 and reiterated in September 1987, June 1989, and September 1984, to place the University of Life (UL) Complex and its education and sports facilities under the Department of Education, Culture and Sports (DECS) to be transformed primarily into a center for non-formal education; and
WHEREAS, the Stragic Investment Development Corporation (SIDCOR) as owner of the property has allowed DECS to direct and supervise the operation and management of the UL Complex in line with the said resolution; and
WHEREAS, SIDCOR has agreed to transfer and convey all its rights, titles and interests in the UL Complex to the National Government to settle partially its outstanding obligations relative to the flotation of the Premyo Savings Bond, and Biglang Bahay Bond Series;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the...
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Executive Orders
Providing For the Turn-Over of the Assets of the University of Life Complex To the Department of Education, Culture and Sports and For Other Related Purposes
Executive Order No. 373
Summary of Executive Order No. 373
Transfer of University of Life Complex Assets to Department of Education, Culture and Sports
- The Strategic Investment Development Corporation (SIDCOR) shall turn over the management, operation, and ownership of all assets of the University of Life (UL) Complex to the Department of Education, Culture and Sports (DECS). (Section 1)
- Assets to be transferred include:
- Two parcels of land in Barrio Ugong, Pasig, Rizal with a total area of 111,725 sq.m. covered by TCT Nos. PT-72553 and PT-72554. (Section 1.1, 1.2)
- Four buildings (Rizal I and II, Bonifacio and Mabini) with an aggregate floor area of 19,774 sq.m. (Section 1.3)
- Ten dormitory buildings (Dormitories A to J) with an aggregate floor area of 22,540 sq.m. (Section 1.4)
- Sports facilities including grandstands, courts, stadium, swimming pools, and related equipment. (Section 1.5)
- Dining halls, bakeshop, kiosk, and meditation hall. (Section 1.6)
- Substations, air conditioning systems, generators, telephone system, and other structures. (Section 1.7, 1.8, 1.9)
- All other properties owned by the UL Complex. (Section 1.10)
- All appropriations, financial assistance, and donations received by the University of Life Foundation. (Section 1.11)
- All subsidiary corporations and their assets. (Section 1.12)
- DECS may engage a corporate entity to manage the assets, income, expenditures, maintenance, and rehabilitation of the Complex. (Section 2)
- DECS shall transform the Complex into a center for education, culture, and sports, with special attention to non-formal education and the transfer of DECS proper to the Complex. (Section 3)
- The Department of Finance, SIDCOR, National Treasury, and Department of Budget and Management shall undertake necessary steps for the National Treasury to receive the assets on behalf of the National Government in partial settlement of SIDCOR's Biglang Bahay Bond Liability at a value determined by the Commission on Audit. (Section 4)
- The ownership of the assets shall be turned over to DECS and taken up in the appropriate national book of accounts. (Section 4)
- The Executive Order shall take effect immediately. (Section 5)
Transfer of University of Life Complex Assets to Department of Education, Culture and Sports
- The Strategic Investment Development Corporation (SIDCOR) shall turn over the management, operation, and ownership of all assets of the University of Life (UL) Complex to the Department of Education, Culture and Sports (DECS). (Section 1)
- Assets to be transferred include:
- Two parcels of land in Barrio Ugong, Pasig, Rizal with a total area of 111,725 sq.m. covered by TCT Nos. PT-72553 and PT-72554. (Section 1.1, 1.2)
- Four buildings (Rizal I and II, Bonifacio and Mabini) with an aggregate floor area of 19,774 sq.m. (Section 1.3)
- Ten dormitory buildings (Dormitories A to J) with an aggregate floor area of 22,540 sq.m. (Section 1.4)
- Sports facilities including grandstands, courts, stadium, swimming pools, and related equipment. (Section 1.5)
- Dining halls, bakeshop, kiosk, and meditation hall. (Section 1.6)
- Substations, air conditioning systems, generators, telephone system, and other structures. (Section 1.7, 1.8, 1.9)
- All other properties owned by the UL Complex. (Section 1.10)
- All appropriations, financial assistance, and donations received by the University of Life Foundation. (Section 1.11)
- All subsidiary corporations and their assets. (Section 1.12)
- DECS may engage a corporate entity to manage the assets, income, expenditures, maintenance, and rehabilitation of the Complex. (Section 2)
- DECS shall transform the Complex into a center for education, culture, and sports, with special attention to non-formal education and the transfer of DECS proper to the Complex. (Section 3)
- The Department of Finance, SIDCOR, National Treasury, and Department of Budget and Management shall undertake necessary steps for the National Treasury to receive the assets on behalf of the National Government in partial settlement of SIDCOR's Biglang Bahay Bond Liability at a value determined by the Commission on Audit. (Section 4)
- The ownership of the assets shall be turned over to DECS and taken up in the appropriate national book of accounts. (Section 4)
- The Executive Order shall take effect immediately. (Section 5)