USING ARBITRATION TO RESOLVE FINANCIAL DISPUTES IN THE PHILIPPINES
- Authors: Sitkareva E.V.1
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Affiliations:
- Peoples’ Friendship University of Russia (RUDN University)
- Issue: Vol 12, No 3 (2019)
- Pages: 42-46
- Section: Articles
- URL: https://journals.eco-vector.com/2072-3164/article/view/530256
- ID: 530256
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Abstract
The article notes that the Philippine arbitration law includes three main acts: 1) New Civil Code, 2) Arbitration Law of 1953 and 3) Alternative Dispute Resolution Act 2004. The Construction Industry Arbitration Law of 1985, (Executive Order No. 1008), should also be mentioned. The author emphasizes that despite the long history of supporting alternative dispute resolution methods, arbitration and, especially, international arbitration have not received the same development as in most countries. In the Philippines, the time constraints and high cost of litigation most often lead contracting parties to arbitration, but choosing this increasingly popular dispute resolution method remains obstacles to be remembered. Based on the study, it was revealed that the Philippines lacks special legislation regulating the arbitration procedure for resolving financial disputes. At the same time, commercial arbitration is quickly gaining popularity in the Philippines as the most practical of all alternative dispute resolution methods.
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About the authors
Elena Vitalievna Sitkareva
Peoples’ Friendship University of Russia (RUDN University)
Email: sitkareva_e@mail.ru
PhD at Law, Associate professor. Position: associate professor. Department: Civil Law and Proceedings and International Private Law chair.
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