Transformation of Public Estates Authority

The PEA was created under Presidential Decree No. 1084 to administer lands and real estate owned, managed, controlled, or operated by the government, especially reclaimed lands, and to coordinate reclamation projects for the National Government.
The Executive Order treats reclamation as a primary source of Government revenue under the Medium Term Philippine Development Plan for 2004–2010.
The Executive Order positions the National Development Company (NDC) as a government agency for economic policies through investment in enterprises where government investment is necessary.
The Executive Order recognizes the Department of Finance (DOF) as the principal agency responsible for generation and management of government financial resources.
The Executive Order places the PEA under the supervision and control of the DOF.

The PEA is transformed into the Philippine Reclamation Authority (PRA) under Section 1.
The PRA must perform all the powers and functions of the PEA relating to reclamation activities.
All remaining non-reclamation enterprises, including the management of the PEA-Tollway Corporation (PEA-TC), are transferred to the NDC under Section 1.
The PEA’s reclamation functions are operationally separated from its non-reclamation functions by retaining reclamation assets and liabilities with the PRA under Section 3.

The Chairman and members of the Board of the PEA-TC and its president are appointed by the President of the Philippines under Section 2.
The management of PEA-TC is under the supervision and control of the NDC under Section 2.
The PEA-TC must declare monthly dividends and remit them to the PRA in an amount needed by the PRA to perform its functions under Section 2.
Any balance of the earnings of the PEA-TC must be remitted to the National Government under Section 2.

The PEA’s reclamation-function assets and liabilities are retained with the PRA under Section 3.
All other PEA assets and liabilities are transferred without cost to the DOF under Section 3.
The DOF must then transfer the received assets and liabilities to the appropriate agencies of the National Government under Section 3.

If any portion or provision of the Executive Order is declared unconstitutional, the unconstitutional portion does not nullify the entire Executive Order.
Remaining portions must continue to have effect as long as they can subsist and be given effect under Section 4.

All executive issuances, rules, and regulations, or parts thereof, that are inconsistent with the Executive Order are revoked, amended, or modified accordingly under Section 5.