Question & AnswerQ&A (EXECUTIVE ORDER NO. 355)
The corporation created is named the Land Settlement and Development Corporation, abbreviated as LASEDECO.
The primary purpose of LASEDECO is to facilitate the acquisition, settlement, and cultivation of agricultural lands and to provide opportunities for tenant farmers, small farmers, and others to own farms.
LASEDECO shall exist for a period of twenty-five years from the effective date of the Executive Order.
The President of the Philippines appoints the Board of Directors, which consists of a chairman and six members, with the consent of the Commission on Appointments.
Within ten years after the final grant, farm lands and townsite lots shall not be encumbered, alienated, or transferred except by inheritance, and they shall not be liable to satisfy any debt contracted prior to the expiration of the said period.
LASEDECO's capital includes the net worth of the National Land Settlement Administration, the Rice and Corn Production Administration, the Machinery and Equipment Department of the National Development Company, the appraised value of lands ceded to it, and appropriations authorized by law.
No officer or employee of LASEDECO shall be permitted to acquire, directly or indirectly, any land within the territorial jurisdiction of the Corporation.
LASEDECO's financial transactions shall be audited in accordance with law and regulations, with the Auditor General appointing an auditor, and an annual audit report must be submitted to the President, Secretary of Economic Coordination, and the Congress.
Appointments and promotions are based on merit and efficiency without any political test or qualification; violations of this rule require removal from office.
They are transferred, vested in, and assumed by LASEDECO, which will continue and liquidate their businesses and affairs, and personnel not reappointed within 60 days shall be considered separated from service.