Senior Deputy Governor Gabriel C. Singson
SEC Opinion • Securities and Exchange Commission • Opinions • Feb 9, 1982
Full text
February 9, 1982 Senior Deputy Governor Gabriel C. Singson Central Bank of the Philippines Manila Dear Governor Singson: This refers to your letter of February 4, 1982 requesting our opinion that the signing of a loan agreement in Manila, covering a $325 million loan between the Central Bank and a syndicate of foreign banks, does not constitute doing business in the Philippines. prcd We have the honor to confirm our opinion dated October 7, 1981 that the mere signing by foreign banks of a loan agreement in Manila covering a loan extended by them to the Central Bank is only a preliminary act of the parties and consequently does not constitute doing business in the Philippines. Please be advised accordingly. Very truly yours, (SGD.) MANUEL G. ABELLO Chairman
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