Restructuring the Technology Resource Center By Increasing Its Capitalization

Case Overview and Summary

EXECUTIVE ORDER NO. 650

Restructuring the Technology Resource Center by Increasing Its Capitalization

- The Philippine Government entered into a Subsidiary Investment Agreement with the Technology Resource Center (TRC) to infuse additional equity into TRC to enable it to carry out the Livelihood Component of the Urban Development Project. (Whereas clause)
- The Subsidiary Investment Agreement was signed on August 11, 1980 between TRC and the Ministry of Finance on behalf of the Government. (Whereas clause)
- TRC's authorized capital is insufficient to accommodate the additional equity infusion and to enable it to implement the Livelihood Component of the Urban Development Project and other technology delivery projects utilizing foreign and/or domestically sourced funds. (Whereas clause)
- Under Presidential Decree No. 1416, the President is empowered to undertake organizational and related improvements as may be appropriate in light of changing circumstances and new developments. (Whereas clause)

Provisions:

- The capitalization of TRC is increased to TWO HUNDRED THIRTY FIVE MILLION PESOS (P235,000,000.00). (Section 1)
- An additional amount of ONE HUNDRED FIFTY MILLION PESOS (P150,000,000.00) is appropriated out of any funds of the Government not otherwise appropriated. (Section 1)
- The additional amount of P150,000,000.00 shall be programmed and released to TRC by the Ministry of the Budget. (Section 1)
- The Executive Order shall take effect immediately. (Section 2)