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PRESIDENTIAL DECREE NO. 1821
PRESIDENTIAL DECREE NO. 1821
- FURTHER AMENDING REPUBLIC ACT FOUR THOUSAND EIGHT HUNDRED SIXTY, AS
AMENDED (FOREIGN BORROWING ACT)
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WHEREAS,
some international financial institutions have imposed additional
conditions for the grant of concessional loans, one of which is the
guarantee by the Borrower that the assets of the Lender in the
Borrower's territory shall not be subject to expropriation,
nationalization or similar action; chanroblesvirtualawlibrary
WHEREAS, it is necessary for the Philippines to be able to procure
foreign loans required for national development from as many sources as
possible so as to get the most advantageous terms. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree that: chanroblesvirtualawlibrary
Section 1. A new section to be known as Section 4-B
is hereby inserted between Section 4-A and Section 5 of Republic Act
Four Thousand Eight Hundred Sixty, as amended, which shall read as
follows:cralaw:red
"Sec. 4-B. The President may, upon recommendation of
the Minister of Finance in consultation with the National Economic and
Development Authority, agree to a provision in a loan agreement or
contract for the availment or utilization of the proceeds of foreign
loans or credits concluded with a foreign government or with an
international lending institution owned by a foreign government
pursuant to the provisions of this Act, exempting the assets of such
foreign government or lending institution in the Philippines from
expropriation, sequestration, nationalization, seizure or similar
measures."
Section 2. Any provision of existing law, decree,
order, rule or regulation inconsistent with the provisions of this
Decree is hereby repealed or modified accordingly.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 16th day of January, in the year of Our Lord, nineteen hundred and
eighty-one.
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