Section 8Sec./Art. 8

Funding Scheme.- The capital of the Conversion Authority shall come from the sales proceeds and/or transfers of certain Metro Manila military camps, including all lands covered by Proclamation No. 423, series of 1957, commonly known as Fort Bonifacio and Villamor (Nichols) Air Base, namely:

Camp

Area in has.

(more or less)

Phase 1 (for immediate disposal)

1. Camp Claudio

2.0

2. Camp Bago Bantay

5.10

3. Camp Bago Bantay

135.10

4. Part of Fort Bonifacio

498.40

TOTAL

640.60

Phase II

1. Camp Ver

1.9

2. Camp Melchor

1.0

3. Camp Atienza

4.9

4. Part of Villamor Air Base

37.9

5. Part of Fort Bonifacio

224.90

6. Fort Abad

.60

Total

271.20

: Provided, That the following areas shall be exempt from sale:

a. Approximately 148.80 hectares in Fort Bonifacio for the National Capital Region (NCR) Security Brigade, Philippine Army (PA) officers' housing area, and Philippine National Police (PNP) jails and support services (presently Camp Bagong Diwa);

b. Approximately 99.91 hectares in Villamor Air Base for the Presidential Airlift Wing, one squadron of helicopters for the NCR and respective security units;

c. The following areas segregated by Proclamation Nos.:

1. 461, series of 1965; (AFP Officers Village)

2. 462, .series of 1965; (AFP Enlisted Men's Village)

3. 192, series of 1967; (Veterans Center)

4. 208, series of 1967; (National Shrines)

5. 469, series of 1969; (Philippine College of Commerce)

6. 653, series of 1970; (National Manpower and Youth council)

7. 684, series of 1970; (University Center)

8. 1041, .series of 1972; (Open Lease Concession)

9. 1160, series of 1973; (Manila Technical Institute)

10. 1217, series of 1973; (Maharlika Village)

11. 682, series of 1970; (Civil Aviation Purposes)

12. 1048, series of 1975; (Civil Aviation Purposes)

13. 1453, .series of 1975; (National Police Commission)

14. 1633, series of 1977; (Housing and Urban Development)

15. 2219, series of 1982; (Ministry of Human Settlements, BLISS)

16. 172, series of 1987; (Upper, Lower, and Western Bicutan .and Signal Housing)

17. 389, series of 1989; (National Mapping and Resource Information Authority)

18. 518, series of 1990; (CEMBO, SO CEMBO, W REMBO, E REMBO, COMEMBO, PEMBO, PITOGO)

19. 467, series of 1968; (Greater Manila Terminal Food Market Site)

20. 347, series of 1968; (Greater Manila Food Market Site)

21. 376, series of 1968; (National Development Board and Science Community)

d. A proposed 30.15 hectares as relocation site for families to be affected by circumferential road 5 and radial road 4 construction: Provided, further, That the boundaries and technical descriptions of these exempt areas shall be determined by an actual ground survey.

The President is hereby authorized to sell the above lands, in whole or in part, which are hereby declared alienable and disposable pursuant to the provisions of existing laws and regulations governing sales of government properties: Provided, That no sale or disposition of such lands will be undertaken until a development plan embodying projects for conversion shall be approved by the President in accordance with paragraph (b), Section 4, of this Act. However, six (6) months after approval of this Act, the President shall authorize the Conversion Authority to dispose of certain areas in Fort Bonifacio and Villamor as the latter so determines. The Conversion Authority shall provide the President a report on any such disposition or plan for disposition within one (1) month from such disposition or preparation of such plan.

The proceeds from any sale, after deducting all expenses related to the sale, of portions of Metro Manila military camps as authorized under this Act, shall be used for the following purposes with their corresponding percent shares of proceeds:

1. Thirty-two and five-tenths percent (32.5%) - To finance the transfer of the AFP military camps and the construction of new camps, the self-reliance and modernization program of the AFP, the concessional and long-term housing loan assistance and livelihood assistance to AFP officers and enlisted men and their families, and the rehabilitation and expansion of the AFP's medical facilities;

2. Fifty percent (50%) - To finance the conversion and the commercial uses of the Clark and Subic military reservations and their extensions;

3. Five percent (5%) - To finance the concessional and long-term housing loan assistance for the homeless of Metro Manila, Olongapo City, Angeles City and other affected municipalities contiguous to the base areas as mandated herein; and

4. To balance shall accrue and be remitted to the National Treasury to be appropriated thereafter by Congress for the sole purpose of financing programs and projects vital for the economic upliftment of the Filipino people.

Provided,That, in the case of Fort Bonifacio, two and five tenths percent (2.5%) of the proceeds thereof in equal shares shall each go to the Municipalities of Makati, Taguig and Pateros:Provided, further,That in no case shall farmers affected be denied due compensation.

With respect to the military reservations and their extensions, the President upon recommendation of the Conversion Authority or the Subic Authority when it concerns the Subic Special Economic Zone shall likewise be authorized to sell or dispose those portions of lands which the Conversion Authority or the Subic Authority may find essential for the development of their projects.