Question & AnswerQ&A (Republic Act No. 4412)
The main purpose of the Catanduanes Development Authority is to foster the accelerated and balanced growth of Catanduanes through planning, coordination, facilitation of industrial and agricultural enterprises, and socio-economic development efforts within the context of national plans and policies.
The Catanduanes Development Authority was created by Republic Act No. 4412, enacted on June 19, 1965.
The members of the Board of Directors are appointed by the President of the Philippines with the consent of the Commission on Appointments.
The Authority can sue and be sued, make contracts, adopt bylaws, acquire and dispose of property, hold agricultural land beyond private corporation limits, exercise eminent domain, borrow funds, purchase stocks, and perform acts to attain its objectives within the law.
Section 1 declares the policy of Congress to promote the socio-economic development of Catanduanes by creating a government corporation to plan, coordinate, and support development initiatives in agriculture, industry, and other sectors.
The Authority has an authorized capital of twenty million pesos fully subscribed by the Republic of the Philippines, funded through appropriations from the National Treasury, bond issues, loans, and other government income sources.
The issuance of bonds must be authorized by a Board resolution approved by the President after consultation with the Secretary of Finance, National Economic Council, and Monetary Board. Bonds cannot exceed ten million pesos in total with limits on individual issues.
Members shall not financially benefit from contracts with the Authority, engage in partisan political activities related to the Authority’s functions, or practice professions or businesses that conflict with their duties. Violations are grounds for dismissal.
The President of the Philippines shall settle jurisdictional disputes and conflicts in coordination or integration of government plans and projects within the province under the authority of this Act.
The Auditor General is the ex officio auditor, appoints a representative to the Authority, and submits semestral and annual reports to the President and Congress regarding the Authority’s financial condition and operations.