WHEREAS , the Public Estate Authority (PEA) created under Presidential Decree No. 1084 was established to provide for a coordinated, economical and efficient administration of lands and real estate especially reclaimed lands belonging to, managed and/or operated by the government and was further designated to be primarily responsible for integrating, directing and coordinating all reclamation projects for and on behalf of the National Government pursuant to Executive Order No. 525 dated February 14, 1979;

WHEREAS , the PEA is tasked to develop, improve, administer, deal in, subdivide, dispose, lease and sell any and all kinds of lands, buildings, estates and other forms of real property owned, managed, controlled and/or operated by the government;

WHEREAS , current national policy identifies reclamation undertaking as one of the primary sources Government revenue and is incorporated in the Medium-Term Philippine Development Plan for the years 2004-2010 which carries the imprimatur of the Office of the President and the Congress;

WHEREAS , the Department of Finance (DOF) is the principal agency responsible for the generation and management of financial resources of the government;

WHEREAS , Executive Order No. 329, series of 2004 transferred the oversight over the PEA from the Department of Public Works to the Department of Finance;

WHEREAS , pursuant to the Administrative Code of 1987, the President has the continuing authority to reorganize the National Government;

NOW, THEREFORE, I, GLORIA MACAPAGAL-ARROYO , President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order:

SECTION 1. Transformation of PEA into PRA. The PEA is hereby renamed the Philippine Reclamation Authority, and shall continue to perform the powers and functions of the PEA pursuant to Presidential Decree No. 1084 (PEA Charter) as amended under Executive Order No. 525 (EO 525) and Executive Order No. 654 (EO 654), including but not limited to the functions to reclaim land; to develop, manage and dispose of lands, buildings, estates and other forms of real property arising from functions of the PEA pursuant to Presidential Decree No. 1084 (PEA Charter) as amended under Executive Order No. 525 (EO 525) and Executive Order No. 654,(EO 654), including but not limited to the functions to reclaim land; to develop, manage and dispose of lands, buildings, estates and other forms of real property arising from reclamation; to provide, operate or administer infrastructure facilities and services on the above-mentioned reclaimed properties; and to authorize, through the rules of public bidding, reclamation projects by other entities.

SECTION 2. PRA Subsidiary. The Public Estates Authority Tollway Corporation (PEATC) is hereby spun off as a separate corporation with its own management and supervision, notwithstanding it shall continue to be recognized as a subsidiary of the PRA. The Chairman and members of the Board of PEATC shall be appointed by the President of the Philippines and shall include some representatives of the PRA. PEATC shall remit to the PRA whatever dividends it may derive from its operations.

SECTION 3. Non-Reclamation Assets of PRA. The PRA shall transfer to the National Government or to the appropriate Government agency or corporation its non-reclamation assets.

SECTION 4. Separability Clause. If any provision of this Executive Order is declared unconstitutional the other portions or provisions hereof which are not affected therefore shall continue to be in full force and effect.

SECTION 5. Repealing Clause. All executive issuances, rules and regulations or parts thereof which are inconsistent with this Executive Order are hereby revoked, amended or modified accordingly.

SECTION 6. Effectivity. This Executive Order shall take effect immediately.

Done in the City of Manila, this 3rd day of April, in the year of Our Lord, Two Thousand and Six.

(SGD.) GLORIA MACAPAGAL-ARROYO

By the President:

(SGD.) EDUARDO R. ERMITA
Executive Secretary