Question & AnswerQ&A (EXECUTIVE ORDER NO. 27)
The primary purpose is to create the Surplus Property Commission to manage the acceptance, administration, sale, and disposition of surplus property acquired by the Philippine government from the US government.
The surplus property was acquired pursuant to the Agreement between the Government of the United States of America and the Government of the Republic of the Philippines entered into on September 11, 1946.
The President of the Philippines has the authority under Republic Act No. 33 to create or designate such an agency or instrumentality.
The Commission is composed of a Chairman and two members appointed by the President of the Philippines.
They include accepting and administering surplus properties, providing for their care and protection, selling or disposing of unneeded properties, appropriating funds for administration, appointing personnel, entering into contracts, and submitting weekly sales reports to the President.
Such sales must be approved by the President before being considered final.
Preference or priority is given to local manufacturers, businessmen, and farmers to promote rehabilitation of industry, business, and agriculture.
Proceeds, except as appropriated for administrative expenses, are deposited in the Philippine National Bank to a special fund to be used exclusively for the purposes directed by law.
It was abolished and all of its functions, properties, records, funds, appropriations, and personnel were transferred to the Surplus Property Commission.
They must extend such assistance and facilities as the Commission may need to perform its work effectively upon the Commission's request.