Administrative Order No. 33

SECTION 1. All heads of departments, commissions, boards, bureaus, offices of the national and local governments concerned except municipal governments below first class, government-owned and/or controlled corporations, subsidiaries and acquired asset corporations shall secure from the General Insurance Fund directly, all insurances or bonds covering properties, contracts, rights of action and other insurable risks of their respective offices, including all those in which their respective offices have an insurable risk and all those in which they have an insurable interest only. For this purpose, no insurance agent or general agent shall hereafter be appointed or maintained to represent the General Insurance Fund and/or the Government Service Insurance System. As used in this section, “insurable interest” means every interest in property, whether real or personal, or any relation thereto, or liability in respect thereof, of such nature that a contemplated peril might directly damnify the insured. Accordingly, the insurable interest of government parent, subsidiary and acquired asset corporations, including government financial institutions, as these corporations are defined in Presidential Decree No. 2029, shall also extend to their physical assets which by declared policy of the government are required to be privatized.

SECTION 2. The officials mentioned in Section 1 hereof shall submit not later than September 30, 1987 an updated inventory of all the insurable properties of their respective offices to the General Insurance Fund on forms prescribed by the Government Service Insurance System.

This Administrative Order shall take effect immediately

SECTION 3. This Administrative Order shall take effect immediately. Done in the City of Manila, this 25th day of August, in the year of Our Lord, nineteen hundred and eighty-seven (Sgd.) CORAZON C. AQUINO President of the Philippines By the President: (Sgd.) JOKER P. ARROYO Executive Secretary