WHEREAS, the Reparations Commission (REPACOM) has been abolished effective 31 December 1980 under Executive Order No. 629 dated 30 October 1980 which was issued by virtue of the continuing authority of the President of the Philippines under Presidential Decree No. 1416 to reorganize the administrative structure of the National Government;

WHEREAS, the liquidation of the assets and liabilities of the REPACOM shall be undertaken by the Board of Liquidators pursuant to Paragraph No. 4 of said Executive Order;

WHEREAS, there is need to retain some employees of the REPACOM as a residual force to help the Board of Liquidators perform the work of liquidation;

WHEREAS, there is need to immediately provide funds for the salaries and other operating expenses of the REPACOM Residual Force in order not to delay or prejudice the work of liquidation;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, and pursuant to Presidential Decree No. 1416, do hereby Order:

1. The Board of Liquidators shall, with the approval of the President of the Philippines, constitute from among the employees of the REPACOM the members of the REPACOM Residual Force who shall be retained in the service to assist the Board of Liquidators in liquidating the assets and liabilities of the REPACOM.

2. The salaries and other operating expenses of the REPACOM Residual Force shall be advanced by the Board of Liquidators; Provided, however, That said expenditures shall be reimbursed from any available funds of the REPACOM, when and as said funds become available, including those realized from the collection, sales or other disposition of its assets.

3. Subject to the provisions of existing laws and with the approval of the President of the Philippines, the Board of Liquidators shall sell, lease, transfer, assign, or otherwise dispose of the assets of the REPACOM and from the proceeds thereof pay, in accordance with the priorities established by law, all outstanding obligations of the REPACOM including the operational expenses of the REPACOM Residual Force.

4. The functions and all pending work of the REPACOM are hereby transferred to the Board of Liquidators, except the collection of accounts receivable from end-users of reparations goods, which responsibility had been transferred to the Development Bank of the Philippines.

5. The net proceeds derived from the liquidation of all assets of the REPACOM shall be turned over by the Board of Liquidators to the National Treasury to form part of the general fund of the National Government.

6. This Order shall take effect on 31 December 1980.

Done in the City of Manila, this 23rd day of December, in the year of Our Lord, nineteen hundred and eighty.


By the President:

(SGD.) JUAN C. TUVERA
Presidential Executive Assistant