DOJ Opinion No. 147, s. 1990

DOJ OPINION NO. 147 , s. 1990 August 20, 1990 The OVERSEAS ECONOMIC COOPERATION FUND Takebashi Godo Building 4-1, Ohtemachi 1-chome Chiyoda-ku, Tokyo 100, Japan Attention: The Managing Director, Loan Department I Re: Loan Agreement No. PH-p114 dated June 28, 1990 Gentlemen : With respect to the loan extended by the Overseas Economic Cooperation Fund to the Government of the Republic of the Philippines (the "Borrower) in an amount not exceeding FIVE BILLION SIXTY-SIX MILLION Japanese Yen (Y5,066,000,000) as principal in accordance with the terms and conditions of the Loan Agreement No. PH-P114 (Metro Manila Depressed Area Electrification Project) dated June 28, 1990 and other agreements supplemental thereto (the "Loan Agreement"), I, the undersigned, as legal adviser for the Borrower, certify that I have considered and examined, among others, the following documents: prcd (a) The Exchange of Notes between the Government of the Republic of the Philippines and the Government of Japan dated December 23, 1988; (b) The Loan Agreement; (c) Full Powers of Secretary of Finance Jesus P. Estanislao, issued by the President on January 29, 1990; (d) Resolution No. 19, series of 1987 of the National Economic and Department Authority, adopted on October 27, 1987 approving the Project; (e) Certification of the Treasurer of the Philippines dated July 27, 1989; (f) Resolution No. 108, series of 1989 of the Monetary Board of the Central Bank of the Philippines, dated February 10, 1989 approving the proposed loans under the 15th Yen Credit Package; and (g) All the laws and regulations of the Republic of the Philippines pertinent to the power and authority of the Borrower to execute, sign and deliver the Loan Agreement. Based upon the foregoing, I am of the opinion that: 1. The Loan Agreement has been executed, signed and delivered by Secretary of Finance Jesus P. Estanislao, who has the power and authority to execute, sign and deliver the Loan Agreement under the laws and regulations of the Republic of the Philippines; 2. The Borrower is authorized to borrow foreign currency funds from abroad under the laws and regulations of the Republic of the Philippines and that the terms and conditions of the Loan Agreement are in compliance with the provisions of the said laws and regulations; 3. The Loan Agreement has been duly authorized by and executed, signed and delivered on behalf of, the Borrower and constitutes a valid and binding Agreement have been duly effected and completed. 4. The authorization and any other procedures necessary for the implementation of the Loan Agreement have been duly effected and completed. prcd Very truly yours, (SGD.) FRANKLIN M. DRILON Secretary