Previous Extension of SIDPO's Term
- Executive Order No. 233 dated March 31, 1995, extended SIDPO's term up to July 3, 1995.
- This extension aimed to facilitate the winding up of SIDPO's affairs and ensure a smooth transfer of its assets and liabilities to the Office of the President, pursuant to Section 6 of Executive Order No. 397.
Reason for Final Extension
- The effective winding up period overlapped with the election period.
- This overlap impeded local executives from successfully completing the turn over process.
Final Extension and Oversight
- The term of SIDPO is extended for a final, non-extendible period until December 31, 1995.
- The Finance Office and a representative from the Commission on Audit under the Office of the President are tasked to monitor and supervise the winding up and turnover process.
- Their supervision aims to ensure completion within the stipulated final extension period.
Immediate Effectivity
- The Executive Order takes effect immediately upon issuance on July 3, 1995.
Legal Authority
- The extension is made under the legal powers vested in the President of the Philippines.
Key Legal Concepts
- Winding up of affairs: Process of settling SIDPO's projects, accounts, and responsibilities.
- Turnover of assets and liabilities: Transfer of all organizational properties and obligations from SIDPO to the Office of the President.
- Oversight and monitoring by government authorities to safeguard proper closure and accountability.