Patrimonial


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PATRIMONIAL. A thing, which comes from the father, and by extension, from the mother or other ancestor.

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" "'Collateralization' of patrimonial property for unpaid obligations under a foreign loan contract or as an award in an arbitral proceeding is unconstitutional and illegal," the petition read.
They cited provisions of the contract showing the government 'has allowed its patrimonial assets to stand as security for unpaid obligations under this Loan Agreement.
'Unless Secretary Panelo was just making an educated guess, something seems wrong with his statement that it is alright to collateralize the nation's patrimonial assets,' Lacson lamented.
The loan agreement, which was signed on April 10, 2018, states that "in case of default by the Philippines in repayment of the loan, China can seize, to satisfy any arbitral award in favor of China, 'patrimonial assets and assets dedicated to commercial use' of the Philippine government."
"In case of default by the Philippines in the repayment of the loan, China can seize, to satisfy any arbitral award in favour of China, patrimonial assets and assets dedicated to commercial use of the Philippine government," Carpio pointed out.