MALACAÑAN PALACE
MANILA
BY THE PRESIDENT OF THE PHILIPPINES
[ Memorandum Circular No. 53, March 24, 1988 ]
CREATING AN AD HOC COMMITTEE FOR THE NEGOTIATIONS ON THE VALUATION AND COMPENSATION OF THE PRESENT ASIAN DEVELOPMENT BANK HEADQUARTERS AND ITS ADDITIONAL FACILITIES.
For the purpose of the negotiations on the valuation and compensation of the present Asian Development Bank Headquarters and its additional facilities, there is hereby created an Ad Hoc Committee, hereinafter referred to as the Committee, composed of the following:
| Chairman : |
Undersecretary Marcelo N. Fernando |
|
of the Department of Finance |
| Member : |
a representative from the Department of Foreign Affairs to be designated by the Department Secretary |
| Member : |
a representative from the Department of Budget and Management to be designated by the Department Secretary |
| Member : |
a representative from the National |
|
Economic and Development Authority to be designated by the Secretary of Socio-Economic Planning |
| Member : |
the Acting Chairman of the Philippine Coordinating Committee on the Asian Development Bank |
The Committee shall meet periodically and discuss with the representative of the Asian Development Bank:
(a) the determination of the amount which the Government shall compensate the Asian Development Bank for permanently vacating and returning to the Government the Bank’s present Headquarters and its additional facilities; and
(b) the mode of payment to be opted by the Government in making such compensation, consistent with the pertinent provisions of the “Agreement Between the Asian Development Bank and the Government of the Republic of the Philippines Regarding the Headquarters of the Asian Development Bank” dated December 22, 1966: “Supplementary Agreement to the Agreement Between the Asian Development Bank And The Government of the Republic of the Philippines Regarding The Headquarters of the Asian Development Bank” dated December 28, 1984; and the “Memorandum of Understanding Between the Government of the Republic of the Philippines and the Asian Development Bank Regarding the Headquarters of the Asian Development Bank” dated March 20, 1985.
The Committee shall submit its recommendations to the Office of the President for appropriate action.
This Memorandum Circular takes effect immediately.1aшphi1
By authority of the President:
(Sgd.) CATALINO MACARAIG, JR.
Executive Secretary
Manila, March 24 1988
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