DOJ Opinion No. 205, s. 1989

DOJ OPINION NO. 205 , s. 1989 October 16, 1989 TO: BANQUE INDOSUEZ 96 Boulevard Haussmann 75008 Paris, France BANQUE FRANCAISE DU COMMERCE EXTERIEUR 21, Bld Haussmann 75009 Paris, France G e n t l e m e n : Reference is made to the Credit Agreement dated July 31, 1989 between the Republic of the Philippines, acting through the Department of Finance (the "Borrower") on one hand, and the Banque Indosuez and Banque Francaise Du Commerce Exterieur (the "Lenders") on the other, whereby the Lenders agreed to extend to the Borrower and amount of FRF 9,499,458.80 (the "Credit") to finance the purchase of French equipment and services relative to the implementation of the crash fire rescue equipment procurement project mentioned in the annex to the Financial Protocol signed on April 8, 1988 between the Government of the Republic of the Philippines and the Government of the Republic of France (the "Protocol"). This legal opinion is furnished you pursuant to Article II(1) of the Credit Agreement. prcd After having examined all relevant documents, including the executed copy of the Credit Agreement, and making such inquiries which I consider necessary and advisable for the opinion hereafter expressed and having regard to the laws and regulations of the Philippines, I, the undersigned Secretary of the Department of Justice, as legal adviser of the Borrower of the opinion that: (1) the Borrower's representative whose signature appears on the Credit Agreement is duly empowered to sign the Credit Agreement and to enter into undertakings which are a consequence of his signature; (2) that none of the undertakings entered into by the Borrower under the terms of the Credit Agreement are contrary to existing laws in the Republic of the Philippines specifically with respect to the Borrower's undertakings under Article XIV of the Credit Agreement regarding taxes, duties, fees and other expenses; and (3) that all laws and regulations applicable to the transfer of funds abroad which are in force in the Republic have been complied with. Very truly yours, (SGD.) SEDFREY A. ORDOEZ Secretary of Justice