ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Search for
www.chanrobles.com:
ADMINISTRATIVE ORDERS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
ADMINISTRATIVE ORDER NO. 218 -
APPROVING THE SETTLEMENT PROCESS OF PHILIPPINES NATIONAL BANK CLAIMS AS
OF JUNE 30, 1995 PERTAINING TO THE LIABILITIES TRANSFERRED TO THE
NATIONAL GOVERNMENT
WHEREAS, under the terms of the Deed of
Transfer dated February 27, 1987 ("Deed of Transfer") executed by and
between the Philippine National Bank ("PNB") and the National
Government, the former transferred to the latter certain non-performing
assets and liabilities (the "Transferred Liabilities") pursuant to the
provisions of Proclamation No. 50 dated December 8, 1986;
WHEREAS, under the Servicing Agreement dated February 27, 1987 (the
"Servicing Agreement") executed by and between PNB and the National
Government, the former agreed to service the Transferred Liabilities
under the Deed of Transfer and the latter agreed to immediately
reimburse the payments upon by PNB for the Transferred
Liabilities;
WHEREAS, PNB made advances for principal and interest payments on the
principal and interest payments on the Transferred Liabilities and
likewise incurred out-of-pocket expenses servicing of the same;
WHEREAS, Sec. 10 of the Servicing Agreement provides that the
National Government and PNB shall formulate and adopt such policies and
guidelines with respect to the producers for the approval and
funding/reimbursement of costs and expenses incurred by PNB in the
servicing of the Transferred Liabilities;
WHEREAS, after exercise of due diligence including extensive meetings
and discussions, review of documents, and consultations with
appropriate government agencies and officials, the National Government
acting through the Department of Finance pursuant to the powers and
functions granted under Executive Order No. 292 (the Administrative
Code of 1987), represented by the Secretary of Finance, Roberto F. de
Ocampo, and the PNB, represented by its President, Peter B. Favila and
its Chairman, Daniel L. Lacson, Jr., reached certain agreements in the
settlement process of the PB claims arising from the Transferred
Liabilities to National Government, which agreements are embodied in a
Memorandum of Agreement dated August 14, 1995.
WHEREAS, the complete rehabilitation of PNB under Proclamation No. 50
and under Executive Order No. 80 (The Revised Charter of the PNB) is in
keeping with the national interest and the representations made to PNB
private shareholders and PNB bondholders.
NOW, THEREFORE, I FIDEL V. RAMOS, President of the Republic of the
Philippines, do hereby APPROVE AND CONFIRM the settlement process and
agreements relative to the Transferred Liabilities as embodied in the
Memorandum of Agreement signed by the between the national Government
and the Philippine National Bank on August 14, 1995.
DONE in the City of Manila,
this 26th day of September, in the year of Our Lord, nineteen hundred
and ninety-five.
chanrobles virtual law library
Back
to Main
Since 19.07.98.
