The "majority vote" on this thread is correct. If you have an FAA license, you can log P1 if you fly as safety pilot.
If you have a JAR license you can't. You can put it in your logbook, the holder's operating capacity is SNY - supernumary - and the hours don't get added into any of your totals. This is described in GID 44, but since the link I have to GID 44 isn't working any more (anyone have the correct link?) I can't check it.
As for what the Portugese authorities allow you to do, unless they are JAR-compliant (which I don't think they are), I have no idea. The people to ask are the Portugese authorities! I'd be interested to know, though...
FD said: "A PPL can never log P2 (unless there is a multicrew aircraft that can be flown by PPLs, did not think there is one)." That's not true. A PPL can get a type rating on a B747 if he has enough money. I think you need an IR first. And of course you wouldn't be able to be paid for flying the 747, except for cost-sharing as allowed by your PPL. (Anyone remember the maximum number of pax you can cost-share with? It's certainly not going to fill a 747!)
FFF
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