WHEREAS, Section 2 of Presidential Decree No. 967 provides for an amendment to the provisions of Section 8 of Republic Act No. 477, which law is entitled "An Act to Provide for the Administration and Disposition of Properties, Including the Proceeds and Income Thereof Transferred to the Republic of the Philippines, Under the Philippine Property Act of 1946 and of Republic Act No. 8, and of the Public Lands and improvements Thereon Transferred to the National Abaca and Other Fibers Corporation Under the Provisions of Executive Order No. 29 dated October 25, 1946 and Executive Order No. 99 dated October 22, 1947";

WHEREAS, the amendment under Section 2 of Presidential Decree No. 967, as expressed in the first preambulatory clause of the said Decree, is purposely intended to remove the prohibitions or restrictions prescribed under the original provisions of Section 8 of Republic Act No. 477 against any form of alienation, encumbrance or disposition of the lands acquired under the aforesaid Act, including the permanent improvements on such lands, and in effect to transfer full ownership of these lands and improvements to the respective awardees;

WHEREAS, it has been noted however that the provisions of Section 8 of R. A. 477 as amended by Section 2 of Presidential Decree No. 967 can not be applied to transfers made prior to July 24, 1976, when Presidential Decree No. 967 took effect, as these transfers were theretofore unauthorized, and this situation has given rise to the proliferation of speculative litigations, and actions affecting lands originally acquired under R. A. No. 477, thus making it necessary and proper for the government to adopt a remedial measure which would put an end to the suits and litigations herein mentioned and settle definitely all issues affecting the ownership of lands originally acquired under R. A. No. 477 and illegally transferred or conveyed prior to July 24, 1976 on the basis of the principle that stability of property ownership is an imperative of economic development and social progress;

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

SECTION 1. Section 2 of Presidential Decree No. 967, which amends Section 8 of Republic Act No. 477, is hereby amended to read as follows:

"SECTION 2. Section 8 of Republic Act No. 477 is hereby amended to read as follows:

"SEC. 8. Any provision of law, executive order, rules or regulations to the contrary notwithstanding, an applicant who has acquired land pursuant to the provisions of this Act and to whom a certificate of title has been issued covering such land may sell, cede, transfer, or convey his rights and interests therein, including the permanent improvements on the land, to any interested party; and all previous sales, transfers, conveyances and encumbrances regarding such land including the permanent improvements therein, made and consummated prior to July 24, 1976, are hereby confirmed, ratified and validated."

SECTION 2. All laws, decrees, executive orders, rules and regulations which are inconsistent or conflict with the provisions of this Decree are hereby repealed or modified accordingly.

SECTION 3. This Decree shall take effect immediately.

Done in the City of Manila, Philippines, this 24th day of February, in the year of Our Lord, nineteen hundred and seventy-eight.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JUAN C. TUVERA
		Presidential Assistant