May 3, 1990

NATIONAL EMERGENCY MEMORANDUM ORDER NO. 18

DIRECTING THE TEMPORARY TAKE-OVER OR DIRECTION OF THE OPERATIONS OF THE CONTINENTAL CEMENT CORPORATION

WHEREAS, under

WHEREAS, in view of the existence of said national emergency, the President has been authorized and empowered under Section 3 (3) of

WHEREAS, the aforesaid cement firm is not operating at full capacity as its plant is suffering from equipment problems which the owners have failed to resolve because of foreclosure proceedings against the cement plant by the Development Bank of the Philippines/Asset Privatization Trust where said bank has a booked exposure of P385,185,000.00 as of June 30, 1986;

WHEREAS, there is an imperative need to ensure the continuous and adequate supply of cement and stabilize its prices throughout the country;

WHEREAS, Article XII, Section 17 of the

"In times of national emergency, when the public interest so requires, the State may, during the emergency and under reasonable terms prescribed by it, temporarily take over or direct the operation of any privately owned public utility or business affected with public interest."

NOW, THEREFORE, I, CORAZON C. AQUINO, pursuant to the powers vested in me by the

SECTION 1. The Secretary of Trade and Industry is hereby directed to temporarily take-over or direct the operations of Continental Cement Corporation for the duration of the national emergency in order to help ensure the continuous and adequate supply of cement and stabilize its prices throughout the country.

SECTION 2. The Armed Forces of the Philippines and the Philippine Constabulary/Integrated National Police shall assist the Secretary of Trade and Industry in the implementation of this Memorandum Order in accordance with the guidelines set forth under

SECTION 3. The Secretary of Trade and Industry shall immediately report to the Office of the President the results of the implementation of this Memorandum Order.

SECTION 4. This urgent Memorandum Order shall take effect two days after publication in at least two (2) newspapers of national circulation.

DONE in the City of Manila, this 3rd day of May, in the year of Our Lord, Nineteen Hundred and Ninety.