PRESCRIBING
THE PROCEDURE WHEREBY THE REPUBLIC OF THE PHILIPPINES MAY WAIVE
SOVEREIGN
IMMUNITY FROM SUIT AND OTHER LEGAL PROCEEDING WITH RESPECT TO ITSELF OR
ITS PROPERTY IN CONNECTION WITH FOREIGN OBLIGATIONS CONTRACTED BY IT
PURSUANT
TO LAW.
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WHEREAS,
in the pursuit of economic growth and development, it has become
imperative
for the Republic of the Philippines to enter into contracts or
transactions
with international banking, financial and other foreign enterprises;.chan
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WHEREAS,
recognizing this need, existing legislation expressly authorize the
Republic
of the Philippines to contract foreign obligations, including
borrowings
in foreign currency, and to guarantee foreign obligations of
corporations
and other entities owned or controlled by the Government of the
Philippines;.chan
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WHEREAS,
circumstances in the international market may require that sovereign
states
entering into contracts or transactions make express waivers of
sovereign
immunity in connection with such contracts or transactions;.chan
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WHEREAS,
it is in the national interest that a procedure be prescribed with
respect
to the waiver of sovereign immunity of the Republic of the Philippines
in respect of international contracts or transactions entered into by
it:
NOW,
THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the
Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order
and decree:
Section
1. Procedure for, and Conditions
of, Waiver of Sovereign Immunity. — In instances where the law
expressly
authorizes the Republic of the Philippines to contract or incur a
foreign
obligation, it may consent to be sued in connection therewith. The
President
of the Philippines or his duly designated representative may, in behalf
of the Republic of the Philippines, contractually agree to waive any
claim
to sovereign immunity from suit or legal proceedings and from set-off,
attachment or executive with respect to its property, and to be sued in
any appropriate jurisdiction in regard to such foreign obligation.
For
purposes of this decree, a foreign obligation means any direct,
indirect,
or contingent obligation or liability capable of pecuniary estimation
and
payable in a currency other than Philippine currency..chan
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Sec.
2. Validity of existing Waivers.
— Nothing in this Decree shall be construed to revoke or repeal any
waiver
of sovereign immunity from suit or legal proceedings or from set-off,
attachment
or execution granted under or pursuant to other provisions of law.
Sec.
3. Effectivity. — This Decree
shall take effect immediately..chan
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Done
in the City of Manila, this 16th day of January in the year of Our
Lord,
nineteen hundred and eighty-one..chan
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