Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 2030)
The decree aims to facilitate the orderly disposition of certain government assets in the industrial, manufacturing, and commercial sectors to aid in economic recovery and to relieve government financial institutions of burdensome assets.
It is a body corporate created to take title to, conserve, and dispose of government assets transferred to it for the benefit of the National Government, existing for six years from the decree's date.
The Trust is capitalized with One Hundred Million Pesos (P100,000,000.00), paid by the National Government through appropriations in Batas Pambansa Blg. 879.
To administer orderly disposition of assets to realize value quickly, return assets to private ownership, rationalize productivity and employment, and liquidate non-viable assets.
The Board consists of five members: the Minister of Finance (Chairman) or deputy, the Director-General of NEDA or deputy, the Director-General of the Office of Budget and Management or deputy, and two private sector members appointed by the President.
Members must be of good moral character, integrity, and recognized business competence and must not have conflicts of interest with assets held by the Trust.
It is a corporation organized under the Corporation Code to manage, conserve, and dispose of assets transferred to the Trust under a management contract with the Trust.
All proceeds are part of the General Fund of the National Government and remitted to the National Treasury immediately, except that the Trust can retain portions for administrative expenses and fees.
No, the Trust and all its assets are exempt from all income and other taxes, fees, charges, imposts, duties, and assessments imposed by national or local governments.
They enjoy immunities such as immunity from legal process and taxation, and are not deemed to be transacting business in the Philippines, thus exempting them from registration or qualification requirements.
The Trust exists for six years from the date of the decree, after which all assets, monies, and liabilities revert to the National Government.
No, the Board must meet at least once every two months, with a quorum of three members required for decisions.
No temporary or permanent injunction or restraining order can be issued to prevent the Trust from taking possession or disposing of assets, except injunctions sought by the Trust itself on grounds of fraud or misrepresentation.
The Securities and Exchange Commission can appoint a receiver upon ex-parte petition by the Trust or Asset Management Corporation to manage corporations holding assets or obligations of the Trust.
The Trust must submit an annual report to the President and Batasang Pambansa detailing asset dispositions, purchasers, considerations, and payment terms.