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Foreign investments

Foreign investments

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FOREIGN INVESTMENTS ACT (RA 7042)

- to attract foreign investments by non-PH nationals

PHILIPPINE NATIONALS

✓ PH citizens

✓ Domestic partnerships by PH citizens

✓ Dom. corps. (60% owned by PH citizens)

✓ Foreign corps. doing business in PH (100%

owned by PH citizens)

NATIONALITY REQUIREMENT IN CERTAIN INDUSTRY

RESERVED FOR PH NATIONALS

a) Mass Media – 100%

b) Advertising – 70%

c) Public Utility – 60%

d) Educational Institution – 60%

e) Exploration and development of natural

resources – 60%

f) Ownership of land – 60%

REQUIREMENT BEFORE ENGAGING IN BUSINESS

(by non-PH national)

• Must register before appropriate govt agencies

• For sole proprietor, register with DTI

• For partnership/corporation, with SEC

TESTS FOR DETERMINING CORP. NATIONALITY

1) Incorporation Test

- whether domestic or foreign

- i.e: where registered

2) Control Test

- nationality of majority of shareholders

3) Grandfather Rule Test (a control test)

- true PH ownership is traced all the way to

individual SH of corp A owning shares in

another corp B by multiplying PH

ownership of A to corresponding

ownership of B

- applies to those which require

whole/partial PH ownership

EFFECT OF NON-COMPLIANCE WITH MINIMUM

FILIPINO OWNERSHIP

• corp is considered de facto corp

• automatic ground for dissolution

EFFECT OF ENGAGING IN BUSINESS BY FOREIGN

CORP. WITHOUT LICENSE

• not permitted to intervene in any

action/suit/court proceeding

• may be sued before PH courts

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FOREIGN INVESTMENTS ACT (RA 7042) - to attract foreign investments by non-PH nationals PHILIPPINE NATIONALS ✓ ✓ ✓ ✓ PH citizens Domestic partnerships by PH citizens Dom. corps. (60% owned by PH citizens) Foreign corps. doing business in PH (100% owned by PH citizens) NATIONALITY REQUIREMEN ...
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