Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City, Metro Manila 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO. _______ 
INTRODUCED BY REPRESENTATIVE JURDIN JESUS M. ROMUALDO 
EXPLANATORY NOTE 
This is a refiled bill from the 18th Congress authored by Rep. Xavier Jesus Romualdo. This had 
been consistently filed since the 16th Congress but remained pending at the Committee level.  
The explanatory note of the bill filed last Congress by Rep. Romualdo is hereby adopted to form 
part of the explanatory note of this bill, to wit: 
“One not widely known yet very significant aspect of the criminal justice system is the 
forfeiture of ill-gotten wealth and the seizure of the proceeds and instruments of a 
crime. In many cases, despite securing the conviction of an accused, the State cannot 
claim a complete and meaningful victory because the convict had already spirited 
away or consumed the fruits of his/her wrongdoing. Indeed, the interest of the State 
lies not only in ensuring that those who perpetrate unlawful activities will be penalized 
accordingly. The State has an equally compelling interest in preventing criminals from 
profiting from the objects of their crime and recovering the said objects for the benefit 
of the offended parties and the public in general. 
There currently exists a regime of asset forfeiture and seizure in our legal system. 
When the law is violated, proceeds and instruments of offenses can be seized and 
eventually forfeited in favor of the State in the course of criminal and/or administrative 
proceedings. Likewise, properties acquired by public officials above and beyond their 
legitimate income can be recovered by way of a civil action for forfeiture under 
Republic Act No. 1379. 
However, this is only the front end of the system. Even if there are sufficient statutes 
for forfeiting assets, if the State is ill equipped to manage, preserve, and administer 
the same, it cannot fully maximize the benefits of these laws. It is therefore imperative 
that the State devise a mechanism to efficiently and economically manage or dispose 
of seized or forfeited assets so that their value can be optimized for the good of the 
public. 
Under the present state of things, the management of assets under the custody of the 
government is unfortunately neither systematic nor rational.  Asset management is 
considered a mere auxiliary function of various government agencies, deemed merely 
incidental to their mandates. Being a highly technical and highly specialized 
independent field, asset management should be handled by qualified professionals, not 
by law enforcers, prosecutors, or judges. 
This bill seeks to fill this gap in the justice system by strengthening the back end of the 
criminal prosecution process - the management, preservation, liquidation, and 
disposition of ill-gotten wealth and of instruments and proceeds of crimes. 
September 12, 2022
4:42 pm
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If enacted into law, this bi11 will establish the Public Assets Management Corporation 
of the Philippines (the "Corporation ") - a centralized and specialized government 
corporation that will serve as custodian and administrator of seized or forfeited assets 
that are the subject of criminal, administrative, or civil actions. To preserve the value 
of seized assets, the Corporation will be given powers to sell or dispose of them with 
the authority of the court, even prior to a final order of forfeiture, when it is in the best 
interests of justice to do so. Agencies currently exercising administrative forfeiture 
powers may likewise choose to tum over forfeited properties to the Corporation to 
produce better yields or returns. 
 
The benefits of delegating the management of seized and forfeited assets to the 
Corporation are four-fold: (1) it creates an independent revenue stream for the 
government and facilitates the efficient, economical, transparent, centralized, and 
optimal liquidation or disposition of assets; (2) it eases the burdens of law enforcement 
agencies and the courts regarding the preservation and management of seized or 
forfeited assets, thereby allowing them to focus on their primary mandates and 
competencies; (3) it avoids conflicts of interests by taking the asset management 
function out of the formal justice process being handled by law enforcers, prosecutors, 
and judges; and (4) it professionalizes the management of seized or forfeited assets by 
letting independent and highly-qualified industry practitioners handle the technical 
aspects of asset preservation, valuation, liquidation, and disposition, on behalf of the 
public. 
 
The pursuit of justice against criminals and the corrupt must be done in a holistic 
manner. The State should strengthen and bolster not only law enforcement, 
prosecution, and the courts but also asset forfeiture and management so that the 
commission of crimes will truly be high risk and low reward endeavors” 
 
Further, it is high time that the assets forfeited and sequestered by the government will be managed 
by one competent entity that has the authority and budget for its maintenance, use or disposition. 
If these assets will be properly managed and maintained their values will be more competitive 
upon its disposal or use and the proceeds from its use or disposal will redound to the benefit of the 
national government.  
  
With these, I earnestly request the support of the Members of Congress for the prompt and timely 
passage of this measure. 
 
 
                                                                                     
 
 
 
 
 
 
 
 
 
 
 
 
 


Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City, Metro Manila 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO. _______ 
INTRODUCED BY REPRESENTATIVE JURDIN JESUS M. ROMUALDO 
AN ACT 
ESTABLISHING THE PUBLIC ASSETS MANAGEMENT CORPORATION OF THE 
PHILIPPINES, PROVIDING FUNDS THEREFOR, AND FOR OTHER PURPOSES 
    Be it enacted by the Senate and the House of Representatives of the Philippines in Congress    assembled: 
SECTION 1. Short Title. - This Act shall be known as the Charter of the Public 
1 
Assets Management Corporation of the Philippines. 
2 
SEC. 2. Declaration of Policy. – It is hereby declared the policy of the State to 
3 
ensure the efficient,  economical,  systematic,  transparent, and  optimal  preservation,  
4 
administration, management, liquidation , and  disposition  of all assets  seized  or 
5 
forfeited  in favor  of the government, in the course or as a consequence of criminal, 
6 
administrative, and civil actions. 
7 
SEC. 3. Creation of the Public Assets Management Corporation of the 
8 
Philippines. - There is hereby created an independent central public assets 
9 
management authority, which shall be a government-owned body corporate, to be 
10 
known as the Public Assets Management Corporation of the Philippines (the 
11 
"Corporation"). It shall have the primary responsibility and objective of administering the 
12 
country's asset management regime, ensuring the proper and prudent disposition of 
13 
all assets seized or forfeited in favor of the State. The Corporation shall be attached to the 
14 
Department of Finance for policy and program coordination. 
15 
SEC. 4. Mandate. - The Corporation shall accept and take title to, custody 
16 
over, and possession of such assets and other properties seized and forfeited by law 
17 
enforcement, judicial , and  other  governmental  entities  in  favor  of  the  State  in  the 
18 
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course  of  criminal,  civil, administrative, anti-corruption , anti-money laundering, or 
1 
similar proceedings, subject to the following rules: 
2 
(a) Assets seized by administrative agencies. - In cases of administrative 
3 
forfeiture, the forfeiting agency has the option of either: 
4 
1) disposing of forfeited assets in accordance with the authority inherent in their 
5 
law enforcement mandates and pursuant to their established systems and 
6 
procedures; or 
7 
2) turning over the same to the Corporation, especially in cases where the 
8 
optimal management or disposition of assets require technical expertise and 
9 
competence. 
10 
(b) Assets forfeited in favor of the State. - In cases where assets have been forfeited 
11 
in favor of the State by virtue of a final and executory order of a court, the 
12 
Corporation shall automatically take custody over the same for proper 
13 
administration and disposition. 
14 
(c) Assets seized and subject of ongoing litigation. - In cases where assets are seized 
15 
in connection  with  an  ongoing  criminal  or  forfeiture  litigation,  said  assets  shall  
16 
be considered  m custodia legis and may  be placed under  the physical custody of 
17 
the Corporation, the agency which seized the same, or such other person or office 
18 
as the court may designate, in which case, the designated custodian is deemed 
19 
constituted as an agent of the court.  
20 
1) Prior to an official designation of a custodian by the court, seized assets are 
21 
deemed ipso jure under the accountability and fiduciary responsibility of the 
22 
agency which seized the same or the agency with the duty to take possession 
23 
thereof in accordance with existing laws and rules. 
24 
2) Upon motion by any interested party, including the Corporation, the court shall 
25 
conduct a summary hearing, to be concluded within twenty (20) days from the 
26 
filing of such motion, to determine whether seized assets should be sold or 
27 
disposed of, if doing so would best serve the interests of justice. The court shall 
28 
render a ruling on the motion no later than ten (10) days from the conclusion of 
29 


the summary hearing. 
1 
3) In the event that the seized assets are liable to progressive wasting, dissipation, 
2 
devaluation , depreciation or deterioration, or cannot reasonably be conserved 
3 
in a cost-efficient manner, the court shall order a disposition pendente lite, 
4 
unless it is established by competent evidence during the summary hearing that 
5 
such disposition will cause undue injury or will adversely affect the substantive 
6 
rights of the parties or 
any third party; provided, that an order of the court to 
7 
sell or dispose of seized assets pendente lite shall not affect the trial of the case 
8 
or be construed as an adjudication of the merits of the claims and defenses of 
9 
the parties. 
10 
4) The proceed s of the sale of seized assets disposed of pendente lite shall be 
11 
kept in a separate account and turned over to the custody of the court, for 
12 
eventual release to the prevailing party or to whoever may be adjudged as 
13 
lawfully entitled thereto. 
14 
  SEC. 5. Corporate Powers. - The Corporation shall have the following powers: 
15 
(a) To succeed in its corporate name, to sue and be sued in such corporate name, 
16 
subject to Section 10 of this Act, and to adopt, use, and alter its corporate seal.  
17 
(b) To adopt, amend, or repeal its by-laws. 
18 
(c) To enter into contracts and execute any deed or act in :furtherance of its mandate 
19 
to efficiently, economically, and  prudently manage,  administer,  preserve, appraise, 
20 
liquidate, and dispose of assets under its custody. 
21 
(d) To execute and deliver, on behalf of the Government, the deeds of sale, contracts, 
22 
and other   instruments, as may be necessary or appropriate to convey title to such 
23 
assets. 
24 
(e) To sell or dispose of seized or forfeited assets, subject to the rules provided in 
25 
Section 4 of this Act, without need of securing prior clearances from other 
26 
governmental entities; provided, that all such transactions shall be subject to 
27 
subsequent review under existing audit rules and regulations and shall be guided by 
28 
principles of fairness, prudence, accountability, and transparency. 
29 


(f) To construct, acquire, own, hold, operate, maintain, administer, and lease personal 
1 
 and 
real 
properties, 
including 
buildings, 
machinery, 
equipment, 
other 
2 
infrastructure, land and improvements, property rights, and interests therein, and to 
3 
encumber, mortgage, dispose, sell, or alienate or otherwise dispose the same; 
4 
provided, that no real properties thus acquired and any other real property shall be 
5 
sold without the approval of the President of the Philippines. 
6 
(g) To receive gifts, donations, grants, bequests, services, properties, whether personal 
7 
or real, and assistance of all kinds, from private and public sources, firms, 
8 
institutions, domestic and foreign governments, and international institutions, and 
9 
utilize the same for the purposes set forth in this Act. 
10 
(h) To hire and retain such personnel as may be necessary for the performance of its 
11 
mandate and engage external services as the exigencies of particular cases may 
12 
require, such as technical consultants, accountants, auditors, counsels, appraisers, 
13 
risk managers, curators, conservationists, and others. 
14 
(i) To conduct any such act, consistent with law, for the preservation of any seized or 
15 
forfeited asset, consistent with the professional and economic management of the 
16 
same. 
17 
SEC. 6. Board of Directors. - (a) The powers and functions of the Corporation shall 
18 
be vested in and exercised by a Board of Directors (the "Board"), composed of the 
19 
following: 
20 
1) The Secretary of Finance, as ex officio Chairperson (the "Chairperson").  
21 
2) The President of the Corporation (the "President"), as ex officio Vice-
22 
Chairperson. 
23 
3) The Secretary of Budget and Management, as ex officio Member. 
24 
4) Two (2) Members who are at least thirty-five (35) years old, of good moral 
25 
character, unquestionable integrity, and known probity, and with recognized 
26 
competence in banking and finance, insurance, real estate, property appraisal, 
27 
engineering, or other technical fields, to be appointed by the President of the 
28 
Philippines and to serve for a term of five (5) years, without reappointment. 
29 


5) Two (2) Members who are at least thirty-five (35) years old, of good moral 
1 
character, unquestionable  integrity,  and  known  probity, and  with  recognized  
2 
competence  in business administration and management or law, to be 
3 
appointed by the President of the Philippines and to serve for a term of five (5) 
4 
years, without reappointment. 
5 
(b) The Board shall meet regularly once a month and may hold special meetings to 
6 
consider urgent matters upon call of the Chairperson or upon the initiative of four (4) 
7 
Members. Internal rules of procedure in the conduct of its meetings shall be as prescribed 
8 
by the Board. 
9 
(c) The presence of at least four (4) Members of the Board shall constitute a quorum and 
10 
the majority vote of three (3) Members in a meeting where a quorum is present shall be 
11 
necessary for the adoption of any rule, regulation, order, resolution, decision, or other act 
12 
of the Board in the exercise of its functions. 
13 
(d) The Secretary of Finance and the Secretary of Budget and Management may each 
14 
designate a representative from his/her department, whose position shall not be lower 
15 
than an undersecretary, to attend meetings of the Board and to vote on behalf of their 
16 
respective principals. Whenever the Secretary of Finance or his/her representative is 
17 
unable to attend a meeting of the Board, the President of the Corporation shall act as 
18 
Chairperson of the Board. 
19 
(e) The Members of the Board, who do not serve in an ex officio capacity, shall receive a 
20 
per diem for each Board meeting actually attended and shall be reimbursed for actual 
21 
and reasonable expenses incurred in the performance of their duties. The rates of such 
22 
per diems and reimbursements shall be fixed by the Chairperson, subject to the approval 
23 
of the President of the Philippines. 
24 
(f) The Board shall have the authority to: 
25 
1) 
Issue rules and regulations it considers necessary for the effective discharge of the 
26 
mandate, responsibilities, and exercise of the powers vested upon the Corporation. 
27 
2) 
Direct  the  management  and  administration  of  the  Corporation,  reorganize  its 
28 
personnel, and  issue  such  rules  and  regulations  as  it  may  deem  necessary  
29 


or convenient for this purpose. 
1 
3) 
Determine the organizational structure, staffing pattern, and number of all personnel 
2 
of the Corporation, define their duties and responsibilities, and fix their compensation 
3 
and other emoluments. 
4 
4) 
Establish a human resource management system which shall govern the selection, 
5 
hiring, appointment, transfer, promotion, or dismissal of all employees. Such system 
6 
shall aim to establish professionalism and excellence at all levels of the Corporation 
7 
in accordance with sound principles of management. 
8 
5) 
On the recommendation  of the President of the Corporation, appoint and remove 
9 
employees of the Corporation, subject to pertinent civil service laws; provided, that 
10 
the Board shall have exclusive and final authority to promote, transfer, assign, or 
11 
reassign employees of the Corporation and such actions are deemed made in the 
12 
interest of the service and not disciplinary; provided  further, that the Board may 
13 
delegate such authority to the President of the Corporation under such rules and 
14 
regulations, as it may determine. 
15 
6) 
Discipline or dismiss the officers of the Corporation, subject to pertinent civil service 
16 
law and upon a majority vote of the Members of the Board who actually took part in 
17 
the investigation and deliberations on the matter. 
18 
7) 
Adopt the annual budget for and authorize such expenditures by the Corporation as 
19 
are in the interest of the effective administration and operation of the Corporation, in 
20 
accordance with applicable laws and regulations. 
21 
SEC. 7. Corporate Officers - (a) The President of the Corporation, who shall be 
22 
appointed by the President of the Philippines, shall be the chief executive officer of the 
23 
Corporation. As such, the President of the Corporation shall:  
24 
1) Prepare the agenda for the meetings of the Board and submit for the consideration 
25 
of the Board the policies and measures which he believes to be necessary to carry 
26 
out  
the mandate of the Corporation and provisions of this Act. 
27 
2) Implement and administer the policies and measures prescribed or adopted by the 
28 
Board. 
29 


3) Direct and supervise the operations and internal administration of the Corporation 
1 
in accordance with the policies, rules, and regulations established by the Board; 
2 
provided that the President may delegate certain of his administrative 
3 
responsibilities to other officers of the Corporation, subject to the by-laws of the 
4 
Corporation and the rules and regulations of the Board. 
5 
4) Represent the Corporation, upon prior authority of the Board, in all dealings with 
6 
other offices, agencies, and instrumentalities of the Government and with all other 
7 
persons or entities, public or private, whether domestic or foreign. 
8 
5) Authorize, with his/her signature, upon prior authority of the Board, contracts 
9 
entered into by and other acts of the Corporation. 
10 
6) Prepare and submit to the Board, for its consideration, the annual budget plan of 
11 
the Corporation not later than two (2) months before the commencement of the 
12 
ensuing fiscal year. 
13 
7) Undertake research, studies, investigations, and other activities and projects 
14 
relative to   the   mandate of the Corporation, and submit 
appropriate reports 
15 
and 
recommendations to the Board for its information and approval. 
16 
8) Exercise such other powers as may be vested in him by by-laws of the Corporation 
17 
or by the Board. 
18 
(b) The Executive Vice-President, Senior Vice-President for Operations, Senior Vice-
19 
President for Finance, General Counsel and Corporate Secretary, Vice-President for 
20 
Asset Management, Vice-President for Asset Valuation, and Vice-President for Asset 
21 
Liquidation and Disposition, who shall all be appointed by the Board, shall have such 
22 
duties, functions, and powers as are provided by the by-laws of the Corporation or the 
23 
Board. 
24 
SEC. 8. Personnel. - All positions in the Corporation, including consultancies, 
25 
shall be governed by the compensation structure, position classification system, 
26 
and qualification standards approved by the Board, based on a comprehensive job 
27 
analysis of actual duties and responsibilities. 
28 
The compensation plan shall be comparable to the prevailing compensation plans in the 
29 


private sector and shall be subject to periodic review by the Board once every two (2) 
1 
years, without prejudice to yearly merit reviews or increases based on the Corporation's 
2 
productivity and profitability. The Corporation shall, therefore, be exempt from existing 
3 
laws, rules, and regulations   on compensation,   position classification, and qualification   
4 
standards.    
5 
The Corporation shall, however, endeavor to make its system conform as possible to the 
6 
principles under Republic Act No. 6758, otherwise known as the Compensation and 
7 
Position Classification Act of 1989. 
8 
SEC. 9. Relationship with Forfeiting Agencies. - The Corporation may enter into 
9 
memoranda of agreement with relevant forfeiting agencies to define their respective roles, 
10 
functions and financial responsibilities relative to the management, administration, 
11 
liquidation, and disposition of seized or forfeited assets and the transfer and payment of 
12 
the proceeds of disposition. 
13 
SEC. 10. Immunity from Suit. - The Corporation shall not be subject to any suit in 
14 
connection with any act done or omitted by it in the regular exercise of its functions and 
15 
powers; provided, that it acts in good faith and pursuant to the state policy set forth in this 
16 
Act. 
17 
SEC. 11. Third-Party Claims. - Any and all third party claims in connection with or 
18 
arising from any seized or forfeited asset under the Corporation's custody shall be 
19 
directed to and resolved by the agency, tribunal, or court having jurisdiction over the 
20 
action or proceeding covering the asset. 
21 
SEC. 12. Corporate By-Laws. - The Corporation shall adopt its by-laws within 
22 
ninety (90) days from the effectivity of this Act. The by-laws of the Corporation may be 
23 
amended through a resolution of the Board approved by a majority of all its Members. 
24 
SEC. 13. Principal Office. - The Corporation shall have its principal office in Metro 
25 
Manila, but the Board may establish and maintain branch, field, or satellite offices in such 
26 
other places, as  may  be  needed  for  effective  discharge  of  the  mandate  and  functions  
27 
of  the Corporation. 
28 
SEC. 14. Capitalization. - The capital of the Corporation shall be five hundred 
29 


million pesos (P500,000,000.00) to be fully subscribed by the Republic of the Philippines, 
1 
one hundred million pesos (Pl00,000,000.00) of which shall be fully paid for by the 
2 
National Government upon the effectivity of this Act and the balance to be paid for within 
3 
a period of three (3) years thereafter  in such manner  and form as the National 
4 
Government, through  the  Secretary  of Finance and Secretary of Budget and 
5 
Management, may thereafter determine. 
6 
       SEC. 15. Proceeds of Operations. -Proceeds derived from the management or 
7 
disposition of seized or forfeited assets shall be remitted by the Corporation to the 
8 
National Treasury or to the proper government office or agency, as may be required by 
9 
law; provided, that the Corporation shall be entitled to deduct therefrom the following: 
10 
(a) actual expenses incurred in the conservation, administration, and disposition of 
11 
said assets; and 
12 
     (b) management fees equivalent to ten percent (10%) of the net proceeds; provided, 
13 
that the amount of management fees may be adjusted based on relevant industry and 
14 
market standards and considerations; provided, that any adjustment must be subject to a 
15 
detailed study and approved by the Board. 
16 
SEC.  16.  Reimbursements for Expenses.  - The Corporation shall be entitled to 
17 
reimbursement of actual and necessary costs for the maintenance, preservation, and 
18 
conservation of seized assets, in the event that the court adjudicates the same against 
19 
the State; provided, that such costs shall be reimbursed by the prevailing pa1ty in an 
20 
amount to be equitably fixed by the court; provided further, that the Corporation shall 
21 
render periodic reports to the proper courts regarding the status of assets under its 
22 
custody and the costs incurred for their maintenance, preservation, and conservation, 
23 
which shall be considered by the said courts for purposes of fixing the amount of 
24 
reimbursements due to the Corporation upon final judgment. 
25 
 
26 
SEC. 17. Fiscal Autonomy. - All moneys earned by the Corporation from the 
27 
collection of management fees and the payment or reimbursement of expenses and costs 
28 
for the maintenance, conservation, administration, and disposition of seized or forfeited 
29 


assets shall be used solely to fund the operations of the Corporation and shall be properly 
1 
and prudently administered with a view to preserving the Corporation's viability. 
2 
SEC. 18. Annual Report. - The Corporation shall prepare and submit an annual 
3 
report to the President of  the  Philippines,  the  Senate,  and  the  House  of  
4 
Representatives  on  its accomplishments at the close of each fiscal year. The fiscal year 
5 
of the Corporation shall begin on January first and end on December thirty-first of each 
6 
year. 
7 
SEC. 19. Exemption from the GOCC Governance Act of 2011. -The provisions of 
8 
Republic Act No.  10149, otherwise known as the GOCC Governance Act of 2011, except 
9 
Section 19 (Fiduciary Duties of the Board and Officers), Section 20 (Trustee Relation to 
10 
the Properties, Interests and Monies of the GOCC), Section 21 (Care, Diligence and Skill 
11 
in the Conduct of the Business of the GOCC), and Section 24 (Restitution) thereof, shall 
12 
not apply to the Corporation. 
13 
SEC. 20. Dissolution of the Privatization and Management Office. - Upon the 
14 
effectivity of this Act, the Privatization and Management Office ("PMO") shall wind up its 
15 
affairs and be dissolved pursuant to applicable laws. The existing staff of the PMO shall 
16 
be absorbed by the Corporation  and  become  its  core  unit;  provided,  that  PMO  
17 
personnel  absorbed  by  the Corporation shall not suffer any diminution of benefits or 
18 
disturbance of tenure; provided further, that PMO personnel who  choose not to be 
19 
employed by the Corporation shall be deemed separated from  the service and shall be 
20 
entitled to separation benefits, as provided by Jaw; provided  finally, that  the  Corporation  
21 
shall not  be  considered  as a continuation  of the  legal personality of the PMO. 
22 
SEC. 21. Separability Clause. - If any provision of this Act is declared invalid or 
23 
unconstitutional, the other provisions not affected thereby shall remain in full force and 
24 
effect. 
25 
SEC.  22.  Repealing  Clause. - All laws, decrees, executive orders and issuances, 
26 
proclamations, rules and regulations, and other issuances or parts thereof that are 
27 
inconsistent with the provisions of this Act are hereby repealed or modified accordingly. 
28 
SEC. 23. Effectivity. - This Act shall take effect fifteen (15) days after its publication 
29 


in at least two newspapers of general circulation. 
1 
 
2 
Approved. 
3