Extending the Applicability of Presidential Decree No. 1961, as Amended, To the 1987-1992 Philippine Financing Package and the Foreign Currency Loans, Credits and Indebtedness Made, Guaranteed Or Insured By Foreign Governments and Their Agencies Maturing on Or After January 1, 1987 Through December 31, 1992, Subject To Limitations

EXECUTIVE ORDER NO. 218 July 14, 1987

EXTENDING THE APPLICABILITY OF PRESIDENTIAL DECREE NO. 1961, AS AMENDED, TO THE 1987-1992 PHILIPPINE FINANCING PACKAGE AND THE FOREIGN CURRENCY LOANS, CREDITS AND INDEBTEDNESS MADE, GUARANTEED OR INSURED BY FOREIGN GOVERNMENTS AND THEIR AGENCIES MATURING ON OR AFTER JANUARY 1, 1987 THROUGH DECEMBER 31, 1992, SUBJECT TO LIMITATIONS

WHEREAS, Presidential Decree No. 1961 dated January 11, 1985, as amended by Presidential Decree No. 1977 dated June 21, 1985 authorized the President of the Philippines, on behalf of the Republic of the Philippines, and the Central Bank of the Philippines, to enter into foreign currency loan, deposit and guarantee agreements and arrangements;

WHEREAS, the Philippines recently concluded a multi-lateral arrangement for a rescheduling of certain outstanding credits made, guaranteed or insured by foreign governments and their agencies, and arrangements for the restructuring of the outstanding commercial bank debt of the Philippines, which obligations were all incurred before February 25, 1986;

WHEREAS, the terms of the negotiation would require the extension of the coverage of...

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Summary of Executive Order No. 218

Extension of Presidential Decree No. 1961 and its Applicability
- Extends the applicability of Presidential Decree No. 1961, as amended by Presidential Decree No. 1977, subject to limitations of the 1987 Constitution. (Section 1)
- Applies to:
    a) The 1987-1992 Philippine Financing Package, which includes external public debt obligations of Philippine borrowers owed to commercial banks with maturities falling due from January 1, 1987, through December 31, 1992. (Section 1)
    b) Foreign currency loans, credits, and indebtedness made, guaranteed, or insured by foreign governments and their agencies maturing on or after January 1, 1987, through December 31, 1992, the restructuring or refinancing of which is contemplated in the Philippine Financing Package. (Section 1)

Immediate Effect
- The Executive Order takes effect immediately. (Section 2)