---

MALACAÑAN PALACE
MANILA

BY THE PRESIDENT OF THE PHILIPPINES

[ Memorandum Circular No. 42, November 16, 1987 ]

REQUIRING ALL CHAIRMEN, DIRECTORS AND HEADS OF COMPANIES AND CORPORATIONS FORECLOSED OR TAKEN OVER BY THE GOVERNMENT TO TENDER THEIR RESIGNATION.

In line with the policy to expedite the privatization of non-performing assets and those that are not essential or necessary for the government to retain, all Chairmen, Directors and Heads of companies and corporations foreclosed or taken over by the government are hereby directed to submit immediately to the Office of the President their undated letters of resignation.

For the guidance of all concerned, the Committee on Privatization shall come out with a list of companies and corporations covered by this Circular.1aшphi1

This Memorandum Circular takes effect immediately.

(Sgd.) CORAZON C. AQUINO

Manila, November 16, 1987

The Lawphil Project - Arellano Law Foundation

---