Memorandum Order No. 325, issued on December 6, 1995, authorizes the Land Bank of the Philippines (LBP) to proceed with the development of the Pistang Pilipino Property in Manila. The order allows LBP to purchase at least 30,000 square meters of additional floor space for the building, hire consultants and contractors for interior works, and acquire necessary equipment and materials through negotiated contracts. It also grants LBP the authority to complete construction if it needs to take over from the contractor for valid reasons, and to sign all necessary agreements to implement the project.
December 6, 1995
MEMORANDUM ORDER NO. 325
In connection with the disposal and development of Land Bank of the Philippines' (LBP's) Pistang Pilipino Property located at Roxas Boulevard, Manila, via an asset swap arrangement approved by the President on July 11, 1995, the LBP is hereby AUTHORIZED:
1. To purchase additional floor spaces of at least 30,000 square meters of the building to be constructed on the same property;
2. To engage the services of consultants and contractors for the interior works and acquire/purchase equipment, supplies, materials for the building on a negotiated basis; cdt
3. To complete construction of the building in case Landbank, for justifiable reasons, takes over the Project from the contractor; and
4. To enter, execute, and sign all contracts and agreements necessary to implement the Project.
Manila, December 6, 1995