Practice question
A statute lawfully imposes a borrowing limit applicable to a proposed Republic foreign loan. The Monetary Board concurs, but the proposed borrowing exceeds that limit. The President argues that concurrence alone removes all statutory borrowing limits. Which answer follows from Article VII, Section 20?
- The argument fails because the power is also subject to limitations provided by law.
- The argument is correct because concurrence repeals every borrowing statute.
- The argument is correct whenever a lender has branches abroad.
- The argument is correct because all statutes expire when the Board meets.
- The argument fails only if a city council objects.
Legal references
- 1987 Constitution, Article VII, Section 20: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/3/353
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