Italian lawyers for Filipinos in Italy.
Agreement between Italy and The Philippines.
Under the bilateral agreement between Italy and The Philippines on the promotion and reciprocal protection of investments (signed in Rome on 17 June 1988), each State shall promote the best possible investments in its territory by investors of the other State allowing such investments in accordance with its laws and regulations.
For the purposes of the Agreement, the term Investment includes every kind of asset permitted in accordance with the laws and regulations of each Contracting Party, and more particularly, though not exclusively:
- the ownership of movable or immovable property as well as any other rights in rem, such as mortgage, privilege, pledge, usufruct and similar rights;
- shares, stocks and bonds of companies or interests in the property of such companies;
- the rights on the money used for the purpose of creating an economic value or to any performance having economic value;
- copyrights, industrial property including trademarks, technical processes and know-how;
- the trade concessions granted by law or under contract including concessions to search for, extract or exploit natural resources.
The term "investor" means a citizen of either Contracting Party in accordance with their laws or a corporation, partnership or other company among company registered or incorporated under national law, including the de facto associations, whether or not with limited liability, whose head office is in the territory of each Contracting Party.
Each Contracting Party shall grant in its territory to investments and the incomes of the investors of the other Contracting Party, a treatment no less favorable than that it accords to investments or income of investors of any third country.
Investments shall not be nationalized, expropriated or subjected to measures having an effect equivalent to nationalization or expropriation, except for public purposes or for public interest, including the welfare and defense of the state, and against prompt, adequate and effective compensation, provided that such measures are taken without discrimination and in conformity with the law.
Investors of either Contracting Party whose investments suffer losses in the territory of the other Contracting Party due to war, other armed conflicts or other incidents similar to them by international law, will be granted by the other Contracting Party a treatment no less favorable than that that Party shall accord to investors of any third State.
For more information, please contact Lawyers in Italy.
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Published on 29 February 2016
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