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1. The Court, whose function is to decide in SECTION 20. The President may contract or
accordance with international law such guarantee foreign loans on behalf of the
disputes as are submitted to it, shall apply: Republic of the Philippines with the prior
concurrence of the Monetary Board, and subject
to such limitations as may be provided by law.
A. international conventions, whether general or
The Monetary Board shall, within thirty days
particular, establishing rules expressly recognized
from the end of every quarter of the calendar
by the contesting states;
year, submit to the Congress a complete report
of its decisions on applications for loans to be
B. international custom, as evidence of a general contracted or guaranteed by the Government or
practice accepted as law; government-owned and controlled corporations
which would have the effect of increasing the
foreign debt, and containing other matters as
C. the general principles of law recognized by may be provided by law.
civilized nations;