Common use of Sector Clause in Contracts

Sector. All sectors Sub-Sector : - Industry Classification : - Level of Government : Central and Regional Type of Obligation : National Treatment Description of Measure : National Treatment shall not apply to any measure relating to registration of foreign investment (equity and debt) and foreign loans with the Bangko Sentral ng Pilipinas. Note: Registration of a foreign investment (equity and debt) with the Bangko Sentral ng Pilipinas (BSP) is required if the foreign exchange needed to service the repatriation of capital and the remittance of dividends, profits and earnings which accrue thereon shall be sourced from Authorized Agent Banks (AABs) or AAB foreign exchange corporations. The approval and registration with BSP of a foreign loan is required if the foreign exchange needed to service the loan shall be sourced from AABs or AAB foreign exchange corporations, except in the following cases, which require BSP prior approval and registration regardless of source of foreign exchange for servicing: (a) public debt; and (b) private debt which are: (i) guaranteed by government corporations and/or government financial institutions, or by AABs; or (ii) granted by local banks and directly funded or collateralized by offshore loans or deposits. Source of Measure : -1987 Constitution of the Republic of the Philippines. -Foreign Investments Act of 1991 (R.A. No. 7042, as amended by R.A. No. 8179). -Foreign Borrowings Act of 1966 (R.A. No. 4860) -New Central Bank Act (R.A. No. 7653). -Manual of Regulations on Foreign Exchange Transactions (BSP Circular 645). -Local Government Code of 1991 (R.A. No. 7160). -Organic Act for the Autonomous Region in Muslim Mindanao (R.A. No. 6734). -Creating the Cordillera Administrative Region (E.O. No. 220). -Presidential and Administrative Issuances.