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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 290 -
AUTHORIZING THE PAYMENT OF REASONABLE INCENTIVE FEES TO FOREIGN BANKS,
INVESTMENT BANKS AND OTHER FINANCIAL INSTITUTIONS PARTICIPATING IN THE
DEBT-TO-EQUITY CONVERSION PROGRAM AND/OR THE PRIVATIZATION SCHEME OF
THE PHILIPPINE GOVERNMENT AND PROVIDING FUNDS THEREFOR
WHEREAS,
it is the objective of the Government to bring about economic recovery
as early as possible to achieve growth and stability throughout the
country;
WHEREAS, to gain this objective, the Government realizes the immediate
need to promote and foster renewed foreign investment and for this
purpose has encouraged proposals from international investment
counselors;
WHEREAS, in response to the foregoing, certain foreign banks,
investment banks and other financial institutions have initiated moves
and in fact have adopted, certain concrete measures to encourage
investments via the debt-to-equity conversion program and/or the
privatization scheme of the Philippine Government;
WHEREAS, in consideration of the services to be rendered by the said
foreign banks, investment banks, and other financial institutions, the
Government may agree to provide reasonable incentive fees under certain
terms and conditions as may be set forth.
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1.
Sec. 2.
Sec. 3.
DONE in the City of Manila,
this 25th day of July, in the year of Our Lord, nineteen hundred and
eighty-seven.
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