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SECTION 1
SECTION 1.
A Philippine Management Committee (PMC) headed by the Chairman of the Games and Amusements Board, co-chaired by a representative from the private sector, with a representative each from the Land Bank of the Philippines, Philippine Tourism Authority (PTA) and the City of Manila, as members, is hereby constituted to oversee and undertake all the necessary preparations for the staging of the next title defense of Luisito Espinosa against Cesar Soto of Mexico here in the City of Manila, tentatively scheduled on 06 July 1996.
SEC. 2
SEC. 2.
All concerned government departments, agencies and offices including government-owned and controlled corporations, whose assistance will be sought by the PMC, are directed to extend their support and resources to this world title fight.
SEC. 3
SEC. 3.
The amount necessary for this event, including the operations of the PMC, its secretariat and working groups, shall come from sponsorships, donations, grants, contributions, proceeds from tournament related activities, or any form of assistance from any private or government entities.
SEC. 4
SEC. 4.
The PTA is authorized to source funds from its trust liability account, pursuant to Section 3 of Executive Order No. 46 (September 4, 1986) to cover the hosting fee to be incurred by the PMC and payment of the option to the Mexican promoter.
SEC. 5
SEC. 5.
The PMC is authorized to open an account with a government bank in which income/proceeds from Section 3 and 4 above shall be deposited and disbursed in accordance with its accounting and auditing rules and regulations.
SEC. 6
SEC. 6.
The PMC shall be authorized to pay honoraria to those who will be involved with this event, subject to existing accounting and auditing rules and regulations.
SEC. 7
This Administrative Order shall take effect immediately
SEC. 7.
This Administrative Order shall take effect immediately.
DONE
in the City of Manila, this 23rd day of April, in the year of Our Lord, nineteen hundred and ninety six.
(Sgd.)
FIDEL V. RAMOS
President of the Philippines
By the President:
(Sgd.)
RUBEN D. TORRES
Executive Secretary