QuestionsQuestions (PRESIDENTIAL DECREE NO. 243)
Presidential Decree No. 243 was dated July 12, 1973. It creates the Philippine Veterans Investment Development Company, a body corporate and politic.
The Corporation is governed by a Board of Directors composed of the Secretary of National Defense, the Executive Secretary, and five other persons designated by the President from a list of qualified veterans and retirees.
The five designated directors serve for two years. Their successors are elected to serve for a like term by veterans and retirees at a general meeting once every two years.
The Secretary of National Defense is the Chairman, and the Executive Secretary is the Vice-Chairman.
To formulate and operate policies, programs, projects, or activities allowing the full and continued employment of the productive capabilities and investment of AFP veterans and retirees; and to direct, control, manage, and operate enterprises and investment ventures entered into by veterans and retirees or serving that purpose.
Yes. Under Section 3, it is subject to the Corporation Law insofar as its provisions are not inconsistent with the Decree or with the purposes for which the Corporation is formed.
It may engage in commercial, industrial, mining, agricultural, and other enterprises; and it may invest, reinvest, and trade in securities necessary to accomplish the purposes in Section 2.
It may hold public agricultural and mineral lands exceeding the areas permitted to private corporations, associations, and persons by Philippine law for up to 25 years, renewable by the President for another 25 years.
It may acquire, hold, mortgage, and alienate personal and real property; and it may purchase, hold, alienate, mortgage, pledge, or otherwise dispose of shares of capital stock, bonds, securities, or other interests of corporations or associations. It may also exercise ownership rights, including voting, while holding such shares.
The Corporation has succession for 50 years from and after approval of the Decree, and its principal office is in the City of Manila.
The capital stock is Three Million Pesos divided into 600,000 shares with a par value of 5 pesos each. No share shall be transferred at less than par or issued/transferred to a person who is not a qualified veteran or retiree.
Twenty percent is subscribed by the Government of the Republic of the Philippines; the remainder by qualified veterans/retirees or organizations/associations for them. Twenty-five percent of the value of all stock subscribed must be paid at subscription; the balance is payable upon call by a majority vote of the Board of Directors, with approval of the Chairman.
Voting power of the Government’s shares is vested in the President or in such person(s) as the President designates.
The Board appoints and fixes the salaries of a manager and such other officials as necessary for internal administration of the Corporation.
Sums are appropriated out of the General Fund, not otherwise appropriated, to pay for the shares of stock subscribed by the Government.
It takes effect immediately, but amendments, changes, and modifications may be made by the President and take effect after pronouncement by the President or by a duly designated representative.