Communication from the Ministry of Foreign Affairs No. 141 / 1996 Coll.
Communication from the Ministry of Foreign Affairs on the negotiation of the Agreement between the Czech Republic and the Republic of the Philippines on the promotion and mutual protection of investments
Valid
International Treaty
Effective from 04.04.1996
Text versions:
24.05.1996
141
COMMUNICATION
Ministry of Foreign Affairs
The Ministry of Foreign Affairs announces that the Agreement between the Czech Republic and the Republic of the Philippines on the promotion and mutual protection of investments was signed in Manila on 5 April 1995.
The Parliament of the Czech Republic agreed to the Agreement and the President of the Republic ratified it.
The Agreement entered into force on 4 April 1996 on the basis of Article XIV (1) thereof.
The Czech version of the Agreement is hereby published at the same time.
AGREEMENT
between the Czech Republic and the Republic of the Philippines
on the promotion and mutual protection of investments
The Czech Republic and the Republic of the Philippines, hereinafter referred to as "the Parties',
led by the desire to intensify economic cooperation between the two States,
DESIRING to create favourable conditions for investment by investors of one Contracting Party in the territory of the other Contracting Party and to increase prosperity in their respective territories,
recognising that the promotion and protection of such investments will benefit both States' economic growth,
agree on the following:
Definitions of terms
For the purpose of this Agreement:
1. The term "investment" refers to any asset value invested in connection with economic activities and recognised in accordance with the relevant legislation by both Contracting Parties and means in particular, but not exclusively:
(a) movable and immovable property, and other rights in rem, such as mortgages, mortgages, guarantees, exploitation rights and similar rights;
(b) shares, shares and unsecured bonds of companies or interests in the assets of such companies;
(c) claims on money used to create economic value or claims on any performance of economic value related to the investment;
(d) intellectual property rights, including copyright, trademark rights, patents, industrial designs, technical procedures, know-how, business secrets, business names and goodwill, associated with investment;
(e) an authorisation for a commercial activity resulting from a legal or contractual arrangement, including concessions for exploration, extraction or exploitation of natural resources.
Any change in the form in which the values are invested and carried out in accordance with national law shall not affect their classification as investments.
2. The term "investor" shall mean any natural or legal person investing in the territory of the other Contracting Party.
(a) The term "natural person" means:
(i) having regard to the Czech Republic, any natural person having the citizenship of the Czech Republic in accordance with its legal order;
(ii) with regard to the Republic of the Philippines, any individual within the meaning of its Constitution.
(b) The term "legal person" means, in respect of both countries, legal persons, including companies, associations of companies, commercial legal persons and other organisations which are established or registered and in any event properly organised and effectively carrying out an economic activity under the law of the relevant Contracting Party and have their registered office in the territory of the relevant Contracting Party where the actual management of the company is carried out.
3. The term "territory" means:
(a) with regard to the Czech Republic, the territory over which the Czech Republic applies, in accordance with international law, its sovereign rights and jurisdiction;
(b) with regard to the Republic of the Philippines, the national territory as defined in Article I of its Constitution.
4. The term "income 'means the amounts resulting from the investment and includes in particular, but not exclusively, profits, interest, capital gains, shares, shares, dividends, royalties or other charges.
Aid and investment protection
1. Each Contracting Party shall promote and create favourable conditions for investors of the other Contracting Party to invest in its territory and shall recognise such investments in accordance with its legislation.
2. The investment of investors of one or the other Contracting Party shall always have proper and fair treatment and shall enjoy full protection and security in the territory of the other Contracting Party.
Treatment
1. Each Contracting Party shall grant, on its territory, investment or return on investment by the investors of the other Contracting Party treatment no less favourable than that accorded to investment or return by investors of any third State.
2. Each Contracting Party shall, on its territory, grant to investors of the other Contracting Party treatment which is fair and fair and not less favourable than that accorded to investors of any third State as regards their management, maintenance, use, use or disposal.
3. The provisions of this Agreement relating to the granting of treatment not less favourable than that granted to investors of any third State shall not be construed as meaning that they undertake one Contracting Party to grant to investors of the other Contracting Party any treatment, benefit or privilege resulting from:
(a) any existing or future customs union, common market, free trade or regional economic organisation or any agreement leading to the establishment of such a union or organisation or other form of regional economic cooperation;
(b) any international agreements or arrangements relating wholly or principally to taxation.
Expropriation
1. No Contracting Party shall take measures to expropriate, nationalise or dispose of ownership either directly or indirectly, or any measure equal to it against investments belonging to investors of the other Contracting Party, unless such measures are taken in the public or national defence interest, on a non-discriminatory basis and under the law and immediate payment of fair and effective compensation.
2. Such compensation will be equal to the market value of the expropriated investment immediately before the intended expropriation becomes publicly known. The refund shall be executed without delay and shall be effective and freely transferable in freely convertible currency.
3. The investor concerned shall have the right to request immediate review of his case and to evaluate his investment by a judicial or other independent body of the Contracting Party in accordance with the principles contained in this Article.
Compensation for damage
1. Where investment by investors of one or the other Contracting Party suffers damage as a result of war, armed conflict, exceptional situation, riot, insurrection, mutiny or other similar events within the territory of the other Contracting Party, that Contracting Party shall grant them treatment as regards compensation, compensation, compensation or other settlement, not less favourable than that provided by that Contracting Party to its own investors or to third State investors.
2. Notwithstanding paragraph 1 of this Article, investors of one Contracting Party who, at the events referred to in the preceding paragraph, have suffered damage within the territory of the other Contracting Party shall be:
(a) seizure of their property by the proper armed forces, police or official authorities of the other Contracting Party;
(b) the destruction of their property by proper armed forces, police or official authorities of the other Contracting Party, which was not caused by an armed conflict or was not caused by the necessity of the situation;
a fair and reasonable compensation for damage suffered during the occupation or destruction of the property. The resulting payments shall be freely transferable in freely convertible currency without delay.
Transfers
1. The Contracting Parties shall guarantee the transfer of investment-related payments and revenues. Transfers shall be made in freely convertible currency without any limitation and undue delay. Such transfers shall include in particular, but not exclusively:
(a) capital and additional amounts to maintain or increase the investment;
(b) profits, interest, dividends and other current income;
(c) the amount to be recovered from duly registered loans;
(d) royalties or other charges;
(e) proceeds from the sale or liquidation of the investment;
(f) the income of natural persons in accordance with the legislation of the Contracting Party where the investment was made.
2. For the purpose of this Agreement, the prevailing rates for current transactions in force at the date of transfer shall be used as conversion rates, unless otherwise agreed.
Transfer of rights
1. Where one Contracting Party or the Agency authorised by a Contracting Party makes payment to its own investor on the grounds of a guarantee it has provided in relation to an investment in the territory of the other Contracting Party, the other Contracting Party shall recognise:
(a) the transfer of any right or right of an investor to a Contracting Party or to an agency authorised by it, whether by law or by legal arrangement in that country, and
(b) that the contracting party or the agency authorised by it is entitled, by way of transfer of rights, to exercise the rights and rights of the investor and to assume the obligations relating to the investment.
2. With regard to the transferred rights or rights of the original investor, the transfer to the Contracting Party or its Agency shall take place by submitting written proof to the other Contracting Party that payment has been made to the original investor.
3. The transferred rights or rights shall not exceed the original rights or rights of the investor.
Consultation
The Contracting Parties agree to consult, at the request of either Party, on any matter relating to investment between the two States or otherwise affecting the implementation of this Agreement.
Settlement of disputes between a Party and an investor of the other Party
1. Any type of dispute or disagreement, including disputes concerning the amount of compensation for expropriation or similar measures between a Contracting Party and the investor of the other Contracting Party, concerning the investment or return on the investment of that investor in the territory of the first Contracting Party, shall be dealt with amicably by negotiation.
2. Where such disputes or disagreements cannot be resolved in accordance with the provisions of paragraph 1 of this Article within six months of the date of the request for resolution, the investor concerned may bring the dispute either:
(a) the competent court of the Contracting Party to the judgment; or
(b) to the International Investment Dispute Settlement Centre established under the Investment Dispute Settlement Convention between States and citizens of other States, open for signature in Washington on 18 March 1965; or
(c) an arbitrator or an international arbitration panel set up ad hoc, established under the arbitration rules of the United Nations International Trade Law Commission (UNCITRAL). The Parties in the dispute may agree in writing to amend these rules. The arbitration panel shall be final and binding on both parties in the dispute.
3. As soon as the dispute has been brought before the competent court or international arbitration body in accordance with this Article, no Contracting Party shall intervene in the dispute by diplomatic means if the other Contracting Party complies or complies with any judgment, arbitration, regulation or other decision taken by the competent international or local judicial authority.
Dispute settlement between Contracting Parties
1. Disputes between the Contracting Parties concerning the interpretation or application of this Agreement shall, where possible, be resolved through friendly consultations between the Parties through diplomatic channels.
2. Where such disputes cannot be resolved within six months of the date on which one of the Contracting Parties informs the other Party in writing, they shall, at the request of one of the Contracting Parties, be submitted to the international arbitration panel established by ad hoc.
3. The International Arbitration Court established on an ad hoc basis above will be established as follows: the Arbitration Court is composed of three arbitrators. Each Party shall appoint one arbitrator; Those two arbitrators shall, by mutual agreement, propose a third arbitrator who is a citizen of a third State having diplomatic relations with the two Parties, and the third arbitrator shall be appointed by the President of the Court by both Parties.
4. If the appointment of members of the arbitration panel is not made within six months of the date of the request for arbitration, either Party may, if there is no other arrangement, request the President of the International Court of Justice to make the necessary appointment within three months. If the President were a citizen of one Contracting Party or if he was unable to carry out such appointment on other grounds, this task would be entrusted to the Vice-President of the Court or to the subsequent Senior Judge of the Court, who is not a citizen of any Contracting Party.
5. The arbitration panel shall determine its own rules of procedure. The arbitration panel shall take its decision by a majority vote. Such a decision shall be final and binding on both Parties.
6. Each Contracting Party shall bear the costs of its own member of the Board and of its representation in arbitration proceedings. The President's costs and the remaining costs shall be borne equally by the Contracting Parties.
Application of other provisions and specific commitments
1. Where a question is dealt with simultaneously by this Agreement and by another international agreement to which both Parties are parties, nothing in this Agreement shall prevent any Contracting Party or any investor of the Contracting Party that owns investment in the territory of the other Contracting Party from making use of any rules which are more favourable to it.
2. If the treatment to be granted by one Contracting Party to investors of the other Contracting Party in accordance with its laws or other specific contractual provisions is more favourable than that provided for in this Agreement, such favourable treatment shall be granted.
Application of this Agreement
The provisions of this Agreement shall apply to future investments made by investors of one Contracting Party in the territory of the other Contracting Party and also to existing investments, in accordance with the laws of the Contracting Parties, at the date of entry into force of this Agreement.
Protocol
Protocol between the Czech Republic and the Republic of the Philippines in the Annex I shall form an integral part of this Agreement.
Entry into force, duration and termination
1. Each Contracting Party shall notify the other Contracting Party of the completion of the procedures required by its own law for the entry into force of this Agreement.
This Agreement shall enter into force on the 30th day following the date of subsequent notification.
2. This Agreement shall remain in force for a period of 10 years. It shall then remain in force until a period of 12 months from the date on which one of the Contracting Parties notifies the other Party in writing of its intention to terminate the Agreement.
3. For investments made before the expiry of this Agreement, the provisions of this Agreement shall remain effective for a period of 10 years from the date of expiry.
Done in duplicate in Manila on 5 April 1995 in Czech, Filipino and English, all texts equally valid.
For the Czech Republic:
Ing. Vladimir Long CSc. v. r.
Minister for Industry and Trade
For the Republic of Philippines:
Rizalino Navarro v. r.
Minister for Trade and Industry
Příloha I
Annex I
PROTOCOL
The Czech Republic and the Republic of the Philippines agreed to sign the Agreement between the Czech Republic and the Republic of the Philippines on the promotion and mutual protection of investments with the following provisions, which form an integral part of that Agreement.
1. With regard to the treatment (Article III), the Contracting Parties shall grant to investors and investment one treatment admitted which is no less favourable than that granted to their own investors in accordance with the laws of the Contracting Party.
2. With regard to the compensation mentioned in the expropriation (Article IV), it is agreed that such compensation shall include interest from the date of expropriation to the date of payment.
3. With regard to transfers (Article VI), the agreement of the Contracting Parties shall be that the provisions of this Article shall not prevent any Contracting Party from adopting temporary measures applied on an equal footing with all that are necessary to address balance of payments difficulties and comply with the provisions of international agreements to which both Contracting Parties are parties.
The Protocol was drawn up in duplicate in Manila on 5 April 1995 in the Czech, Filipino and English languages, all texts being equally valid.
For the Czech Republic:
Ing. Vladimir Long CSc. v. r.
Minister for Industry and Trade
For the Republic of Philippines:
Rizalino Navarro v. r.
Minister for Trade and Industry
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Regulation Information
| Citation | Communication from the Ministry of Foreign Affairs No. 141 / 1996 Coll., on the negotiation of the Agreement between the Czech Republic and the Republic of the Philippines on the promotion and mutual protection of investments |
|---|---|
| Regulation Type | International Treaty |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 24.05.1996 |
|---|---|
| Effective from | 04.04.1996 |
| Effective until | - |
| Status | Valid |
Legal Areas:
International law
International public law
The regulation text is for informational purposes only.
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