Practice question
A proposed Republic foreign loan has a finance department’s endorsement, but no Monetary Board concurrence has been obtained. Advisers claim that any executive office’s endorsement is interchangeable with the concurrence named in Article VII, Section 20. What is the best answer?
- The named prior Monetary Board concurrence cannot be replaced merely by another office’s endorsement.
- Every executive endorsement automatically is a Monetary Board decision.
- Only the foreign lender’s approval matters constitutionally.
- The department may delete the concurrence clause by memorandum.
- The Constitution forbids any role for the Monetary Board.
Legal references
- 1987 Constitution, Article VII, Section 20: https://lawphil.net/consti/cons1987.html
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