Orderly Disposition of Government Assets

The Trust’s powers are vested in a Board of Trustees comprising five members: Minister of Finance (Chairman), Directors-General of NEDA and OBM, and two private sector appointees by the President.
Board members must possess good moral character, integrity, responsibility, and recognized business competence.
Conflict of interest is restricted by disallowing members connected to assets held by the Trust or government institutions transferring assets.
The President may remove members for misconduct or non-qualification and fill vacancies.
Board meetings require a quorum of three members and approvals require concurrence of three members.
Members receive regulated per diems, with possible adjustments by the President.
Board responsibilities include issuing rules, contracting management services, allocating funds, and appointing Trust personnel.
The Minister of Justice serves as ex officio legal adviser, but external counsel may be engaged.
Members or employees violating duties, confidentiality, or engaging in gross negligence face liability and legal penalties.

Authorization for the National Government to organize an Asset Management Corporation (AMC) under the Corporation Code, holding up to 50% of its capital stock.
The remainder of AMC’s shares may be invested by international financial institutions or other investors, both foreign and domestic.
AMC manages the conservation and disposition of assets transferred to the Trust, developing disposition programs, negotiating terms, and subject to Trust approval.
Trust may refer certain assets to other government or private entities for conservation and disposition.
Provisions ensure remittance of foreign currency investments and income, subject to Central Bank approval for payments in foreign currency.
AMC and international investors maintain immunities and privileges, including exemption from legal process, taxation, and business registration formalities.
AMC is not considered a government-owned or controlled corporation if government equity does not exceed fifty percent.

The President, upon recommendation of the Finance Minister, identifies and transfers appropriate government institution assets to the Trust within a year.
Assets include receivables, obligations with collateral, real and personal property, shares, and investments.
The National Government may assume liabilities related to transferred assets.
Transfer is effected by an instrument signed by the President specifying the assets.
Creditor rights, government claims, and shareholder preemption rights remain unaffected.
Government institutions are mandated to execute deeds of assignment to the Trust for transferred assets within 30 days, granting the Trust attorney-in-fact powers for title consolidation.
Prior to formal management transfer, originating government institutions continue asset administration on behalf of the Trust.
All dispositions made by the Trust are conclusive and binding except when involving fraud or material misrepresentation by the purchaser.
Courts or agencies are prohibited from issuing injunctions to hinder the Trust’s possession, disposition, foreclosures, or purchaser rights except when initiated by the Trust due to fraud or breach.
The Securities and Exchange Commission, upon ex-parte petition, must appoint receivers to manage corporations where the Trust holds equity or liens when assets are at risk, with receivers wielding full management powers.
The Trust must submit annual reports to the President and Batasang Pambansa detailing asset disposition activities.

Any constitutional invalidity of specific provisions does not affect the enforceability of remaining parts.
Any laws or regulations contrary to this Decree are repealed or modified accordingly.
The Decree takes effect immediately upon promulgation.