Proclamation No. 50 Proclaiming and Launching a Program for the Expeditious Disposition and Privatisation of Certain Government Corporations and/or the Assets Thereof, and Creating the Committee on Privatisation and the Asset Privatisation Trust.

This Regulation provides for effecting the necessary and proper changes in the organisational and functional structures of the government in order to promote efficiency and effectiveness in the delivery of public services. The policy of the Regulation sets forth promoting privatisation through an orderly, coordinated and efficient program for the prompt disposition of the large number of non-performing assets of the government financial institutions, and certain government-owned or controlled corporations which have been found unnecessary or inappropriate for the government sector to maintain. The Regulation further provides for the committee on privatisation, responsibilities and objectives, powers and functions, meetings and the Trust. This Regulation consists of 40 Sections divided into five Articles as follow: Statement of policy and definition terms (1); Committee on privatisation (2); Asset privatisation trust (3); Operational provisions (4) and Miscellaneous (5).