EXECUTIVE ORDER NO. 1063 November 12, 1985
FURTHER AMENDING SECTION 2-A OF REPUBLIC ACT NUMBERED SIXTY-TWO HUNDRED THIRTY FOUR ENTITLED "AN ACT CREATING THE METROPOLITAN WATERWORKS AND SEWERAGE SYSTEM AND FOR OTHER PURPOSES"
WHEREAS, under New Republic, national development shall be pursued with renewed dedication and greater determination through a more efficient, effective and economical government;
WHEREAS, under Republic Act No. 6234, as amended, it is a declared national policy of the state that the establishment, operation and maintenance of waterworks and sewerage systems must be supervised and controlled by the State, because the proper operation and maintenance of such systems are essential public services which are vital to public health and safety;
WHEREAS, pursuant to such policy, the Metropolitan Waterworks and Sewerage System has been undertaking a program of construction and improvement of the water supply and distribution systems in order to provide and insure continuous and adequate supply of potable water to the inhabitants of the Metropolitan Manila Area;
WHEREAS, the continued and tremendous growth and expansion of population and commercial and industrial activities within the territorial jurisdiction of the Metropolitan Waterworks and Sewerage System require an expansion of its water supply and distribution systems;
WHEREAS, equally important, is the maintenance and expansion of an adequate sewerage disposal system in the service area of the Metropolitan Waterworks and Sewerage System;
WHEREAS, the present inflationary trends, both local and foreign, have caused the prices of goods, materials and services to spiral upwards, thereby leaving the MWSS in a difficult position to meet its financial requirements;
WHEREAS, to enable the Metropolitan Waterworks and Sewerage System to carry out the improvement and expansion of its services to meet the increasing demand of the public, there is a need to provide the Metropolitan Waterworks and Sewerage System with additional fund support; and
WHEREAS, under Presidential Decree No. 1416 as amended, the President is empowered to undertake such organizational and related improvements as may be appropriate in the light of changing circumstances and new developments;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the authority vested in me by Presidential Decree No. 1416, as amended, do hereby order and ordain:
Sec. 1. Section 2-A of Republic Act No. 6234 as amended, is hereby further amended to read as follows:
"Sec. 2-A. Capital Stock of the System. The System is hereby authorized a capital stock of Eight Billion Pesos (P8,000,000,000.00) divided into Eighty Million (P80,000,000) shares at a par value of One Hundred Pesos (P100.00) each, which shares shall not be transferred, negotiated, pledged, mortgaged, or otherwise given as security for the payment of any obligation. The sum of Two Billion, One Hundred Thirty Five Million, Four Hundred Sixty Seven Thousand Pesos (P2,135,467,000.00), which as of October 31, 1985 has already been subscribed and fully paid by the Government of the Republic of the Philippines in accordance with the provisions of Presidential Decree Nos. 425 and 1406, shall be the initial paid-in-capital of the authorized capital stock provided herein.
The remaining Five Billion, Eight Hundred Sixty Four Million, Five Hundred Thirty-Three Thousand Pesos (P5,864,533,000.00) shall be subscribed by the Government of the Republic of the Philippines and, paid from a continuing appropriation which is hereby made out of any funds in the National Treasury not otherwise appropriated, be they collections from any or all taxes accuring to the General Fund, or proceeds from loans, the issuance of bond, treasury bills or notes which are hereby authorized to be incurred or to be issued by the Minister of Finance for the purpose, such annual appropriation to be programmed and released in accordance with pertinent budget laws: Provided, That, this continuing appropriation shall remain in force until the balance of the unpaid subscription of the government to the capital stock of the System have been paid in full."
Sec. 2. All laws, decrees, orders, proclamations, rules regulations or parts thereof, which are inconsistent with any provisions of this Executive Order are hereby repealed or modified accordingly.
Sec. 3. Any portion or provision of this Executive Order that may be declared unconstitutional shall not have the effect of nullifying the other provisions thereof: Provided, That such remaining portions can still stand and be given effect in their entirety to accomplish the objectives of this Executive Order.
Sec. 4. This Executive Order shall take effect immediately.
Done in the City of Manila, this 12th day of November in the Year of Our Lord, Nineteen Hundred and Eighty-Five.
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