Functions and Responsibilities of the Board of Liquidators
- The Board continues to perform its former functions and responsibilities.
- These primarily involve winding-up the affairs of abolished government corporations and entities.
Composition of the Board of Directors
- The composition is maintained as before reversion:
- The Executive Secretary or his designated representative serves as the Chairman.
- Two additional members are appointed by the President.
Rationale for Reversion
- The Asset Privatization Trust's mandate is to enhance and dispose of transferred non-performing government assets to maximize cash recovery for the National Government.
- Handling the winding-up of abolished government corporations by the APT impairs its efficiency and cash return generation.
- Maintaining the Board of Liquidators as an attached agency under the Office of the President complements APT's thrust.
- Executive Order No. 292 (Administrative Code of 1987) authorizes the President to reorganize the Office of the President’s administrative structure.
Repeal and Modification of Prior Orders
- This Executive Order repeals:
- Executive Order No. 149 (Dec 28, 1993)
- Executive Order No. 345 (June 14, 1996)
- Memorandum Order No. 401 (Oct 10, 1996)
- All inconsistent laws, decrees, executive orders, rules, regulations, or parts thereof are repealed or modified accordingly.
Effectivity
- The Executive Order takes effect immediately upon issuance.