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.
Home > Chan Robles Virtual Law Library > Philippine Laws, Statutes & Codes > :
Search for
www.chanrobles.com
:
EXECUTIVE ORDERS
PLEASE CLICK HERE FOR THE LATEST ➔ PHILIPPINE LAWS, STATUTES & CODES
EXECUTIVE ORDER NO. 219 -
APPROPRIATING FUNDS FOR THE SETTLEMENT OF THE LETTER OF UNDERTAKING
DATED MAY 18, 1985, AND FOR OTHER PURPOSES
WHEREAS,
Planters Products, Inc., (PPI) has been a major importer and
distributor of fertilizers and pesticides and other agricultural
chemicals in the Philippines;
WHEREAS, PPI is heavily indebted to foreign creditors;
WHEREAS, PPI is currently encountering financial difficulties which
adversely affect its operations, viability and ability to meet its
obligations to its foreign creditors;
WHEREAS, its foreign creditors now acquire the Philippine Government to
ensure the rehabilitation and financial viability of PPI pursuant to a
Letter of Undertaking (LOU) issued by the Philippine Government on May
18, 1985, so that PPI shall be able to meet its obligations to its
foreign creditors;
WHEREAS, the said LOU potentially exposes the Philippine Government to
liabilities in excess of the amount owed by PPI to its foreign
creditors;
WHEREAS, the present circumstances require the Philippine Government to
accept a compromise arrangement calling for a 12.5% principal
condonation of PPI’s foreign obligations to its foreign creditors,
which arrangement shall include the appropriation of funds to be used
in redeeming the LOU from the foreign creditors;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Done in the City of Manila,
this 14th day of July, in the year of Our Lord, nineteen hundred and
eighty-seven.
chanrobles virtual law library
Back to Main
chan
robles virtual law library
Since 19.07.98.