Armstrong Corporation, a foreign corporation, intends to engage in the exploration of Philippine natural resources.
Mr. Antonio Reyes offered the forest land he owns to the president of the corporation. May Armstrong Corporation enter into a financial and technical assistance agreement (FTAA) with Mr. Reyes to explore, develop, and utilize the land? Explain. 5%
1 comment:
IX.
Armstrong Corporation cannot enter into a financial and technical assistance agreement (FTAA) with Mr. Reyes to explore, develop, and utilize the forest land. It is the President of the Philippines and not Mr. Reyes who should be made a party to such FTAA since this involves development of our natural resources. Natural resources and forest lands belong to the State, not to Mr. Reyes. Moreover, FTAAs should be in accordance with law.
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