Question & AnswerQ&A (Republic Act No. 87)
The primary purpose of Republic Act No. 87 is to appropriate the net proceeds from the sales of surplus property and properties acquired from such proceeds or exchanges to pay for subscriptions to the capital stock of the Rehabilitation Finance Corporation.
The properties involved are surplus properties acquired from the United States Government under the terms of Title II of United States Public Law Numbered 370, as well as properties acquired from funds derived from the sales or exchanges of such surplus properties.
The President of the Republic of the Philippines is authorized to determine the fair value of the acquired properties.
The President is directed to transfer all such properties to the Rehabilitation Finance Corporation.
The surplus properties were acquired under the terms of Title II of United States Public Law Numbered 370, approved on April 3, 1946.
The net proceeds are appropriated to pay for the Government of the Philippines' subscriptions to the capital stock of the Rehabilitation Finance Corporation.
The Act took effect upon its approval on October 29, 1946.
The Rehabilitation Finance Corporation is the entity to which the Government of the Philippines subscribes its capital stock using the proceeds from surplus property sales; it presumably uses the funds for rehabilitation and development purposes.
Yes, the fair value of the properties as determined by the President shall be credited to the Government as payment for subscriptions to the capital stock of the Rehabilitation Finance Corporation.
No, the Act does not specify any penalties for non-compliance.