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Philippines: Explanatory Memorandum on Philippine Investment Notes

Published online by Cambridge University Press:  27 February 2017

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Type
Reports
Information
International Legal Materials , Volume 26 , Issue 3 , May 1987 , pp. 808 - 818
Copyright
Copyright © American Society of International Law 1987

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Footnotes

*

[The Memorandum is reproduced with permission from the text provided to International Legal Materials by the Government of the Philippines.]

References

1/ The details of this program are set out in Central Bank Circular IV, dated August 4, 1986, entitled “Program for the Conversion of Philippine External Debt Into Equity Investments”.

2/ The proposed description of Pins contained in this memorandum may be adjusted in certain respects when the definitive Central Bank Circular describing the PIN program is issue.

3/ Circular 1111 currently specifies a 5% flat fee for Schedule 2 Investments (i.e. investments in preferred sectors of the economy such as export production), and a 10% flat fee for Schedule 3 Investments (non-preferred investments.