Increasing the capitalization of the Light Rail Transit Authority from five million pesos to three billion pesos.

WHEREAS, the economic growth, stability and security of the nation requires an efficient, adequate, economical, safe, convenient and dependable transportation system that shall truly be responsive to the demands of the populace consistent with the total scope of metropolitan needs.

WHEREAS, in response to the foregoing needs, Executive Order No. 603 was issued creating a Light Rail Transit Authority (LRTA) with an authorized capital of FIVE HUNDRED MILLION PESOS (P 500,000,000.00) which shall be subscribed by the Republic of the Philippines and other government institutions, corporations, instrumentalities, and agencies, whether national or local within the framework of their respective charters.

WHEREAS, in view of the equity requirements of the LRTA in the prosecution of the LRTA Projects in Metro Manila, there is a need to increase the authorized capital of LRTA.

NOW, THEREFORE, I, Ferdinand E. Marcos, President of the Philippines, by virtue of the powers vested in me by Presidential Decree No. 1416, do hereby amend Executive Order No. 603 as follows:

Section 1 - Article 6, Section 15 of Executive Order No. 603 is hereby amended to read as follows:

"Sec. 15. Capitalization. The Authority shall have an authorized capital of THREE BILLION PESOS (P 3,000,000,000.00) which shall be fully subscribed by the Republic of the Philippines and other government institutions, corporations, instrumentalities, and agencies, whether national or local, within the framework of their respective charters."

Sec. 2. Repealing Clauses - All laws, decrees, orders, rules and regulations, policies, programs, or part thereof, that are inconsistent herewith are hereby repealed, amended or modified accordingly.

Sec. 3. Effectivity - This Order shall take effect immediately.

DONE in the City of Manila, this 30th day of September, 1982

By the President:

JUAN C. TUVERA
Presidential Executive Assistant

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