71 OG No. 35, 5565 (September 1, 1975)

[ PRESIDENTIAL DECREE NO. 763, August 06, 1975 ]

AMENDING SECTION 121 OF COMMONWEALTH ACT NO. 141, AS AMENDED, OTHERWISE KNOWN AS THE PUBLIC LAND ACT, TO ALLOW QUALIFIED JURIDICAL ENTITIES TO ACQUIRE LANDS ORIGINALLY GRANTED UNDER THE FREE PATENT, HOMESTEAD OR INDIVIDUAL SALE PROVISIONS OF SAID ACT, FOR COMMERCIAL AND INDUSTRIAL PURPOSES.

WHEREAS, the provisions of Section 121 of Commonwealth Act
No. 141, as amended by Commonwealth Act No. 615, limit the right of
corporations, partnerships or associations to acquire or have any right
to lands originally granted under the free patent, homestead or
individual sale provisions of the said Act, only for educational,
charitable, religious or right of way purposes;

WHEREAS, such restriction has been an obstacle to the
efforts of the private sector to accelerate economic development;

WHEREAS, it is necessary in the national interest to remove
the restriction imposed by Commonwealth Act Mo. 615 on the right of
juridical entities to acquire such lands for commercial or industrial
purposes.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution of
the Philippines, do hereby decree as follows:

SECTION 1. Section 121 of Commonwealth Act No. 141, as
amended, is hereby further amended to read as follows:

"SEC. 121. Except with the consent of the grantee and the
approval of the Secretary of Natural Resources, and solely for
commercial, industrial, educational, religious or charitable purposes or
for a right of way, no corporation, association, or partnership may
acquire or have any right, title, interest, or property right whatsoever
to any land granted under the free patent, homestead, or individual
sale provisions of this Act or to any permanent improvement on such
land.

"The provisions of Section 124 of this Act to the contrary
notwithstanding, any acquisition of such land, rights thereto or
improvements thereon by a corporation, association, or partnership prior
to the promulgation of this Decree for the purposes herein stated is
deemed valid and binding; Provided, That no final decision of
reversion of such land to the State has been rendered by a court; And Provided,
further, That such acquisition is approved by the Secretary of
Natural Resources within six (6) months from the effectivity of this
Decree.'

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 6th day of August, in the year
of Our Lord, nineteen hundred and seventy-five.

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