The Republic of the Philippines and the Republic of Turkey, hereinafter called the Contracting Parties;
Desiring to promote greater economic cooperation between them, particularly with respect to investment by investors of one Contracting Party in the territory of the other Contracting Party;
Recognizing that the reciprocal promotion and protection of such investments favour the economic prosperity of both Contracting Parties;
Have agreed as follows:
ARTICLE I
DEFINITIONSFor the purpose of this Agreement:
(ii) with respect to the Republic of Turkey natural persons deriving their status as nationals of Turkey according to its applicable law.
(iii) with respect to both countries, legal entities, namely, companies, J associations of companies, trading corporate entities and other organizations that are incorporated or, in any event, are properly organized to actually engage in a business enterprise for profit with headquarters in the territory of that Contracting Party under its laws.
The term "investment" means any kind of asset established or acquired in accordance with the respective laws and regulations of either Contracting Party, and more particularly, though not exclusively:
(a) shares, stocks or any other form of participation in companies,
(b) returns reinvested, claims to money or any other rights to legitimate performance having financial value related to an investment,
(c) movable and immovable property, as well as any other rights in rem such as mortgages, liens, pledges, usufructs and any other similar rights,
(d) copyrights, industrial and intellectual property rights such as patents, licences, industrial designs, technical processes, trademarks, goodwill, know-how and other similar rights,
(e) business concessions conferred by law or under contract, including concessions to search for, develop, extract or exploit natural resources on the territory of each Contracting Party as defined hereafter.
(b) With respect to the Republic of Turkey, the Turkish territory, territorial sea, as well as the maritime areas over which it has jurisdiction or sovereign rights for the purposes of exploration, exploitation and conservation of natural resources, pursuant to international law.
ARTICLE II
PROMOTION AND PROTECTION OF INVESTMENTS
ARTICLE III
TREATMENT OF INVESTMENTS
ARTICLE IV
EXPROPRIATION AND COMPENSATION
ARTICLE V
LOSSESInvestors of either Contracting Party whose investments suffer losses in the territory of the other Contracting Party, owing to war, insurrection, civil disturbance or other similar events, shall be accorded by such other Contracting Party treatment no less favourable than that accorded to its own investors or to investors of any third country, whichever is the most favourable treatment, as regards any measure it adopts in relation to such losses.
ARTICLE VI
REPATRIATION AND TRANSFER
ARTICLE VII
SUBROGATION
ARTICLE VIII
SETTLEMENT OF DISPUTES BETWEEN ONE CONTRACTING PARTY AND INVESTORS OF THE OTHER CONTRACTING PARTY
ARTICLE IX
SETTLEMENT OF DISPUTES BETWEEN CONTRACTING PARTIES
ARTICLE X
ENTRY INTO FORCE
IN WITNESS WHEREOF, the respective plenipotentiaries have signed this Agreement.
DONE at Manila on the day of 22 February 1999 in the English language.
(Sgd.) | (Sgd.) |
For the Republic of the Philippines | For the Republic of Turkey |