Subsidiary Status of the Public Estates Authority Tollway Corporation (PEATC)
- PEATC is separated into its own corporation with independent management and supervision.
- PEATC remains a recognized subsidiary of the PRA.
- The President appoints PEATC’s Chairman and Board members, including PRA representatives.
- PEATC must remit any dividends from its operations back to PRA.
Management of Non-Reclamation Assets
- The PRA is directed to transfer all non-reclamation assets to the National Government or appropriate government agency or corporation.
Separability Clause
- If any part of the Executive Order is declared unconstitutional, the remaining provisions remain effective and enforceable.
Repealing Clause
- Any previous executive issuances, rules, or regulations inconsistent with this Executive Order are revoked, amended, or modified accordingly.
Effectivity Clause
- The Executive Order takes effect immediately upon issuance.