Who must the President consult before contracting foreign loans?
The President has the power to contract or guarantee foreign loans for the Republic. However, this power is not absolute and requires prior technical oversight. The President must obtain the concurrence of the Monetary Board. This process ensures that the country’s foreign debt remains manageable and economically sound. Article VII Section 20 1987 Philippine Constitution “SECTION 20. The President may contract or guarantee foreign loans on behalf of the Republic of the Philippines with the prior concurrence of the Monetary Board…” 03-Feb-26About Nicolas and De Vega Law Offices
Nicolas and De Vega Law Offices is a full-service law firm in the Philippines. You may visit us at the 16th Flr., Suite 1607 AIC Burgundy Empire Tower, ADB Ave., Ortigas Center, 1605 Pasig City, Metro Manila, Philippines. You may also call us at +632 84706126, +632 84706130, +632 84016392 or e-mail us at [email protected]. Visit our website https://ndvlaw.com/.
