Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 1084)
The short title of Presidential Decree No. 1084 is the Charter of the Public Estates Authority.
The policy is to provide for a coordinated, economical, and efficient reclamation of lands and the administration and operation of lands belonging to, managed, or operated by the government to maximize their utilization and hasten development consistent with the public interest.
The decree creates the Public Estates Authority, a body corporate with perpetual succession.
The purposes include reclaiming land (foreshore and submerged areas), developing, improving, acquiring, administering, dealing in, subdividing, disposing, leasing, and selling lands and properties owned, managed, or operated by the government, and providing or operating services for the efficient and beneficial utilization of these properties.
The Authority has a term of fifty (50) years from the issuance of the decree unless sooner dissolved by law.
It is governed by a Board of Directors composed of a chairman and four members, all appointed by the President of the Philippines.
They must be natural-born Filipino citizens, at least thirty (30) years of age, and of established integrity.
It can purchase, lease, build, alter, erect, manage, sell, mortgage, dispose of, and otherwise deal with buildings and real properties; it can also reclaim lands and hold lands of the public domain in excess of area limits for private corporations.
Yes, the Authority may exercise the right of eminent domain in the name of the Republic of the Philippines for acquiring real estate by condemnation proceedings.
Penalties may include a fine of not more than five hundred pesos or imprisonment for not more than six months, or both, at the discretion of the court.
The Authority has an authorized capital stock of three million (3,000,000) no par value shares.
The General Manager acts as the chief executive, executes policies approved by the Board, supervises operations, represents the Authority in dealings, prepares Board agendas, and performs other duties as provided by the by-laws or the Board.
The Board appoints officers and employees upon recommendation of the General Manager.
Yes, government financial institutions, other than the Central Bank, GSIS, and SSS, may guarantee loans or obligations of the Authority.