SECTION 1
Abolition of FCIEI
SECTION 1. Abolition of FCIEI. The FCIEI is hereby abolished.
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Memorandum Order No. 62
Memorandum Order No. 62
MEMORANDUM ORDER NO. 62 DIRECTING THE ABOLITION OF THE FIRST CAVITE INDUSTRIAL ESTATE, INC. AND FOR OTHER PURPOSES
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SECTION 2
Liquidation of Assets and Settlement of Liabilities
SECTION 2. Liquidation of Assets and Settlement of Liabilities. The assets of the FCIEI shall be liquidated to settle the outstanding liabilities of the corporation, in accordance with applicable laws, rules and regulations. The remaining assets and/or liabilities of the FCIEI shall be assumed by its parent company, the NDC.
SECTION 3
Creation of a Technical Working Group
SECTION 3. Creation of a Technical Working Group. To implement the provisions of this Order, a Technical Working Group (TWG) is hereby created to be composed of representatives from the following: a. GCG; b. NDC; and c. PEZA.
SECTION 4
Powers and Functions of the TWG
SECTION 4. Powers and Functions of the TWG. The TWG shall have the following powers, duties and functions: a. Settle the liabilities of the FCIEI, undertake steps necessary in the liquidation of its assets, and assist in the winding-up of its corporate affairs; b. Oversee the transfer of the remaining government functions of the FCIEI to concerned agencies; c. Submit to the Office of the President a quarterly report on the disposition of the assets of the FCIEI, and the implementation of its abolition; and d. Perform such other functions as may be necessary to implement this Order; The TWG shall submit an initial status report within thirty (3) days from the effectivity of this Order.
SECTION 5
Repeal
SECTION 5. Repeal. All other orders, issuances, rules and regulations, or parts thereof, which are inconsistent with the provisions of this Order are hereby repealed or modified accordingly.
SECTION 6
Separability
SECTION 6. Separability. If any provision of this Order is declared invalid or unconstitutional, the other provisions not affected thereby shall remain valid and subsisting.
SECTION 7
Effectivity
SECTION 7. Effectivity. This Order shall take effect immediately upon publication in the Official Gazette or in a newspaper of general circulation. DONE in the City of Manila, this 23 rd day of June, in the year of Our Lord, Two Thousand and Twenty Two. (SGD.) RODRIGO ROA DUTERTE By the President: (SGD.) SALVADOR C. MEDIALDEA Executive Secretary