Disposition of Caltex Lands via NDC and BLC

Caltex (Philippines) Inc. must execute a deed of donation transferring its private lands to the NDC.
The donation value is based on the fair market value established in 1974 for real estate tax purposes.

A simultaneous exchange of land for shares between NDC and Caltex shall be executed.
The Batangas Land Company, organized by Caltex employees, shall have its authorized capital stock increased to approximately P35 million.
NDC will acquire at least 60% of BLC's capital stock by paying with landholdings from PD No. 680 lands and donated lands from Caltex.
Caltex will acquire the remaining shares by conveying parcels of land appraised at their 1974 fair market values.
Post-exchange, BLC shall be 60% owned and controlled by NDC.
At least three members of BLC’s Board of Directors must be elected from NDC’s Board.

A lease contract for Caltex’s use of its former private lands (now under NDC and BLC) must be finalized.
Lease duration: 25 years, renewable for another 25 years.
Rent during the first 25 years must be no less than 1.5% of the donated land value annually.
For the entire 50-year period, annual rental must not be less than 2.5% of the donated value.
Rent shall also cover real estate taxes due from BLC, but Caltex remains liable to pay these taxes.
Before lease renewal, land must be revalued, with rent adjusted to any increase, capped at 25% above the original valuation.

All improvements made by Caltex on the lands remain its property even after the 50-year lease term.
Ownership retention is subject to compliance with existing pertinent laws.

The directive demands urgent execution of these measures by the National Development Company.