(Signature of two [2] witnesses) ACKNOWLEDGMENT     Article 1306 of the Civil Code of the Philippines provides that contracting parties may agree to such stipulations, clauses, terms, and conditions as they may deem convenient, as long as they are not contrary to law, morals, good customs, public order, or public policy. A compromise agreement is a contract whereby the parties make reciprocal concessions to resolve their differences and put an end to litigation.[1] It is an accepted, even desirable and encouraged, practice in courts of law and administrative tribunals.[2]   Finding the above Compromise Agreement to be validly executed and not contrary to law, morals, good customs, public order, or public policy, we, therefore, approve the same.   WHEREFORE, in light of the foregoing, the Joint Motion to Approve Compromise Agreement is GRANTED, the Compromise Agreement dated January 31, 2008 is APPROVED and judgment is hereby rendered in accordance therewith. The instant case is dismissed. No pronouncement as to costs.   SO ORDERED.     ANTONIO EDUARDO B. NACHURA Associate Justice     WE CONCUR:       CONSUELO YNARES-SANTIAGO Associate Justice Chairperson       MA. ALICIA AUSTRIA-MARTINEZ Associate Justice MINITA V. CHICO-NAZARIO Associate Justice       RUBEN T. REYES