Question & AnswerQ&A (Republic Act No. 8371)
The following were abolished: Philippine Dendro Gasifier, Inc., National Dendro Development Corporation, Museum of Philippine Costumes, Leyte Sab-a Basin Development Authority, Philippine National Lines, and the National Youth and Sports Development Foundation of the Philippines.
The Board of Liquidators is authorized to lease, sell, assign, transfer, or otherwise dispose of the funds, properties, developmental projects, and other assets of the abolished corporations, subject to approval of the President and existing laws.
Proceeds are first used to settle the pending obligations of the abolished corporations following legal priorities, then to cover expenses of the Board of Liquidators, and any remaining balance is remitted to the National Treasury as part of the General Fund.
The personnel are entitled to termination benefits according to pertinent laws, rules, and regulations.
These funds, net of liabilities, revert to the General Fund.
Notice or consent of creditors is required if the organizational changes prejudice third persons with rights recognized by law or contract pursuant to any agreement entered into with creditors.
The Department of Budget and Management supervises the Board of Liquidators, which must submit periodic performance reports to the department.
The National Development Company is responsible, supervised by the Committee on Privatization, to which it submits plans and schedules for abolition.
All laws, rules, regulations, and administrative issuances inconsistent with this Executive Order are repealed or modified accordingly.