Amendment to RA 1160 on LASEDECO land sales

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PRESIDENTIAL DECREE NO. 671: Amendment to RA 1160 on LASEDECO land sales

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Title Source: Supreme Court: Amendment to RA 1160 on LASEDECO land sales

Law: Presidential Decree No. 671

Decision Date: Mar 13, 1975

An amendment to Republic Act No. 1160 allows for the disposal and sale of certain lands under liquidation by the Board of Liquidators through negotiated sale to qualified applicants, in order to facilitate land distribution to landless tenants and farm workers.

Purpose and Policy Behind the Amendment

The law aims to facilitate the speedy disposition of LASEDECO’s assets that were under liquidation.
Public bidding often disadvantaged poor actual occupants of LASEDECO lots who could be outbid by speculators.
The policy supports the distribution of land to landless tenants and farm workers.
It seeks to raise agricultural production, generate employment, and improve living standards.

Handling of LASEDECO Assets

All assets of LASEDECO, including farm machinery and equipment, are to be turned over to the Board of Liquidators.
These assets must be sold at public auction.
Proceeds from these sales are to pay off the corporation’s accounts with commercial firms.
Net proceeds after settling debts are to be transferred to the National Treasury.

Implementation and Effectivity

The decree took effect immediately upon signing.
It was signed by President Ferdinand E. Marcos on March 13, 1975.
The Assistant Executive Secretary countersigned the decree, indicating its official promulgation.

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