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                                                                  Republic Act No. 7042


                                                                  (As amended by RA 8179)


                                                                  AN ACT TO PROMOTE FOREIGN INVESTMENTS, PRESCRIBE THE PROCEDURES FOR


                                                                  REGISTERING ENTERPRISES DOING BUSINESS IN THE PHILIPPINES, AND


                                                                  FOR OTHER PURPOSES


                                                                  Be it enacted by the Senate and House of Representatives of the Philippines in


                                                                  Congress assembled:


                                                                  SECTION 1. Title. - This Act shall be known as the ?oreign Investments Act of 1991?


                                                                  SEC. 2. Declaration of Policy. - It is the policy of the State to attract, promote and welcome


                                                                  productive investments from foreign individuals, partnerships, corporations, and governments,


                                                                  including their political subdivisions, in activities which significantly contribute to national


                                                                  industrialization and socio-economic development to the extent that foreign investment is


                                                                  allowed in such activity by the Constitution and relevant laws. Foreign investments shall be


                                                                  encouraged in enterprises that significantly expand livelihood and employment opportunities


                                                                  for Filipinos; enhance economic value of farm products; promote the welfare of Filipino


                                                                  consumers; expand the scope, quality and volume of exports and their access to foreign


                                                                  markets; and/or transfer relevant technologies in agriculture, industry and support services.


                                                                  Foreign investments shall be welcome as a supplement to Filipino capital and technology in


                                                                  those enterprises serving mainly the domestic market.


                                                                  As a general rule, there are no restrictions on extent of foreign ownership of export


                                                                  enterprises. In domestic market enterprises, foreigners can invest as much as one hundred


                                                                  percent (100%) equity except in areas included in the negative list. Foreign owned firms


                                                                  catering mainly to the domestic market shall be encouraged to undertake measures that will


                                                                  gradually increase Filipino participation in their businesses by taking in Filipino partners,


                                                                  electing Filipinos to the board of directors, implementing transfer of technology to Filipinos,


                                                                  generating more employment for the economy and enhancing skills of Filipino workers.


                                                                  SEC. 3. Definitions. - As used in this Act:


                                                                  a) the term ?hilippine National?shall mean a citizen of the Philippines or a domestic


                                                                  partnership or association wholly owned by citizens of the Philippines; or a


                                                                  corporation organized under the laws of the Philippines of which at least sixty percent


                                                                  (60%) of the capital stock outstanding and entitled to vote is owned and held by


                                                                  citizens of the Philippines or a corporation organized abroad and registered as doing


                                                                  business in the Philippine under the Corporation Code of which one hundred percent


                                                                  (100%) of the capital stock outstanding and entitled to vote is wholly owned by


                                                                  Filipinos or a trustee of funds for pension or other employee retirement or separation


                                                                  benefits, where the trustee is a Philippine national and at least sixty percent (60%) of


                                                                  the fund will accrue to the benefit of Philippine nationals: Provided, That where a


                                                                  corporation and its non-Filipino stockholders own stocks in a Securities and


                                                                  Exchange Commission (SEC) registered enterprise, at least sixty percent (60%) of


                                                                  the capital stock outstanding and entitled to vote of each of both corporations must be


                                                                  owned and held by citizens of the Philippines and at least sixty percent (60%) of the


                                                                  members of the Board of Directors of each of both corporations must be citizens of


                                                                  the Philippines, in order that the corporation shall be considered a Philippine national;


                                                                  (as amended by R.A. 8179).


                                                                  b) the term ?nvestment?shall mean equity participation in any enterprise organized or


                                                                  existing under the laws of the Philippines;


                                                                  c) the term ?oreign investment?shall mean an equity investment made by a non-


                                                                  Philippine national in the form of foreign exchange and/or other assets actually


                                                                  transferred to the Philippines and duly registered with the Central Bank which shall


                                                                  assess and appraise the value of such assets other than foreign exchange;


                                                                  d) the phrase ?oing business?shall include soliciting orders, service contracts, opening


                                                                  offices, whether called ?iaison?offices or branches; appointing representatives or


                                                                  distributors domiciled in the Philippines or who in any calendar year stay in the


                                                                  country for a period or periods totaling one hundred eighty (180) days or more;


                                                                  participating in the management, supervision or control of any domestic business,


                                                                  firm, entity or corporation in the Philippines; and any other act or acts that imply a


                                                                  continuity of commercial dealings or arrangements, and contemplate to that extent


                                                                  the performance of acts or works, or the exercise of some of the functions normally


                                                                  incident to, and in progressive prosecution of, commercial gain or of the purpose and


                                                                  object of the business organization: Provided, however, That the phrase ?oing


                                                                  business?shall not be deemed to include mere investment as a shareholder by a


                                                                  foreign entity in domestic corporations duly registered to do business, and/or the


                                                                  exercise of rights as such investor; nor having a nominee director or officer to


                                                                  represent its interests in such corporation; nor appointing a representative or


                                                                  distributor domiciled in the Philippines which transacts business in its own name and


                                                                  for its own account;


                                                                  e) the term ?xport enterprise?shall mean an enterprise wherein a manufacturer,


                                                                  processor or service (including tourism) enterprise exports sixty percent (60%) or


                                                                  more of its output, or wherein a trader purchases products domestically and exports


                                                                  sixty percent (60%) or more of such purchases;


                                                                  f) the term ?omestic market enterprise?shall mean an enterprise which produces


                                                                  goods for sale, or renders services to the domestic market entirely or if exporting a


                                                                  portion of its output fails to consistently export at least sixty percent (60%) thereof;


                                                                  and


                                                                  g) the term ?oreign Investments Negative List?or ?egative List?shall mean a list of


                                                                  areas of economic activity whose foreign ownership is limited to a maximum of forty


                                                                  percent (40%) of the equity capital of the enterprises engaged therein.


                                                                  SEC. 4. Scope. - This Act shall not apply to banking and other financial institutions which are


                                                                  governed and regulated by the General Banking Act and other laws under the supervision of


                                                                  the Central Bank.


                                                                  SEC. 5. Registration of Investments of Non-Philippine Nationals. - Without need of prior


                                                                  approval, a non-Philippine national, as that term is defined in Section 3 a), and not otherwise


                                                                  disqualified by law may, upon registration with the Securities and Exchange Commission


                                                                  (SEC), or with the Bureau of Trade Regulation and Consumer Protection (BTRCP) of the


                                                                  Department of Trade and Industry in the case of single proprietorships, do business as


                                                                  defined in Section 3 d) of this Act or invest in a domestic enterprise up to one hundred


                                                                  percent (100%) of its capital, unless participation of non-Philippine nationals in the enterprise


                                                                  is prohibited or limited to a smaller percentage by existing law and/or under the provisions of


                                                                  this Act. The SEC or BTRCP, as the case may be, shall not impose any limitations on the


                                                                  extent of foreign ownership in an enterprise additional to those provided in this Act: Provided,


                                                                  however, That any enterprise seeking to avail of incentives under the Omnibus Investment


                                                                  Code of 1987 must apply for registration with the Board of Investments (BOI), which shall


                                                                  process such application for registration in accordance with the criteria for evaluation


                                                                  prescribed in said Code: Provided, finally, That a non-Philippine national intending to engage


                                                                  in the same line of business as an existing joint venture, in which he or his majority


                                                                  shareholder is a substantial partner, must disclose the fact and the names and addresses of


                                                                  the partners in the existing joint venture in his application for registration with SEC. During


                                                                  the transitory period as provided in Section 15 hereof, SEC shall disallow registration of the


                                                                  applying non-Philippine national if the existing joint venture enterprise, particularly the Filipino


                                                                  partners therein, can reasonably prove they are capable to make the investment needed for


                                                                  the domestic market activities to be undertaken by the competing applicant. Upon effectivity


                                                                  of this Act, SEC shall effect registration of any enterprise applying under this Act within fifteen


                                                                  (15) days upon submission of completed requirements.


                                                                  SEC. 6. Foreign Investment in Export Enterprises. - Foreign investment in export


                                                                  enterprises whose products and services do not fall within Lists A and B of the Foreign


                                                                  Investment Negative List provided under Section 8 hereof is allowed up to one hundred


                                                                  percent (100%) ownership.


                                                                  Export enterprises which are non-Philippine nationals shall register with BOI and submit the


                                                                  reports that may be required to ensure continuing compliance of the export enterprise with its


                                                                  export requirement. BOI shall advise SEC or BTRCP, as the case may be, of any export


                                                                  enterprise that fails to meet the export ratio requirement. The SEC or BTRCP shall thereupon


                                                                  order the non-complying export enterprise to reduce its sales to the domestic market to not


                                                                  more than forty percent (40%) of its total production; failure to comply with such SEC or


                                                                  BTRCP order, without justifiable reason, shall subject the enterprise to cancellation of SEC or


                                                                  BTRCP registration, and/or the penalties provided in Section 14 hereof.


                                                                  SEC. 7. Foreign Investment in Domestic Market Enterprises. - Non-Philippine nationals


                                                                  may own up to one hundred percent (100%) of domestic market enterprises unless foreign


                                                                  ownership therein is prohibited or limited by the Constitution existing law or the Foreign


                                                                  Investment Negative List under Section 8 hereof. (As amended by R.A. 8179)


                                                                  SEC. 8. List of Investment Areas Reserved to Philippine Nationals (Foreign Investment


                                                                  Negative List). - The Foreign Investment Negative List shall have two (2) components lists;


                                                                  A, and B.


                                                                  a) List A shall enumerate the areas of activities reserved to Philippine nationals by


                                                                  mandate of the Constitution and specific laws.


                                                                  b) List B shall contain the areas of activities and enterprises regulated pursuant to law:


                                                                  1) which are defense-related activities, requiring prior clearance and authorization


                                                                  from Department of National Defense (DND) to engage in such activity, such as


                                                                  the manufacture, repair, storage and/or distribution of firearms, ammunition, lethal


                                                                  weapons, military ordinance, explosives, pyrotechnics and similar materials;


                                                                  unless such manufacturing or repair activity is specifically authorized, with a


                                                                  substantial export component, to a non-Philippine national by the Secretary of


                                                                  National Defense; or


                                                                  2) which have implications on public health and morals, such as the manufacture


                                                                  and distribution of dangerous drugs; all forms of gambling; nightclubs, bars,


                                                                  beerhouses, dance halls; sauna and steam bathhouses and massage clinics.


                                                                  ?mall and medium-sized domestic market enterprises, with paid-in equity capital less than


                                                                  the equivalent two hundred thousand US dollars (US$200,000) are reserved to Philippine


                                                                  nationals, Provided that if: (1) they involve advanced technology as determined by the


                                                                  Department of Science and Technology or (2) they employ at least fifty (50) direct employees,


                                                                  then a minimum paid-in capital of one hundred thousand US dollars (US$100,000.00) shall be


                                                                  allowed to non-Philippine nationals.


                                                                  Amendments to List B may be made upon recommendation of the Secretary of National


                                                                  Defense, or the Secretary of Health, or the Secretary of Education, Culture and Sports,


                                                                  endorsed by the NEDA, approved by the President, and promulgated by a Presidential


                                                                  Proclamation.


                                                                  ?ransitory Foreign Investment Negative List?established in Sec. 15 hereof shall be replaced


                                                                  at the end of the transitory period by the first Regular Negative List to be formulated and


                                                                  recommended by NEDA, following the process and criteria provided in Sections 8 of this Act.


                                                                  The first Regular Negative List shall be published not later than sixty (60) days before the end


                                                                  of the transitory period provided in said section, and shall become immediately effective at the


                                                                  end of the transitory period. Subsequent Foreign Investment Negative Lists shall become


                                                                  effective fifteen (15) days after publication in a newspaper of general circulation in the


                                                                  Philippines: Provided, however, That each Foreign Investment Negative List shall be


                                                                  prospective in operation and shall in no way affect foreign investment existing on the date of


                                                                  its publication.


                                                                  ?mendments to List B after promulgation and publication of the first Regular Foreign


                                                                  Investment Negative List at the end of the transitory period shall not be made more often than


                                                                  once every two (2) years? (As amended by R.A. 8179)


                                                                  SEC. 9. Investment Rights of Former Natural-born Filipinos. - For the purpose of this Act,


                                                                  former natural born citizens of the Philippines shall have the same investment rights of a


                                                                  Philippine citizen in Cooperatives under Republic Act No. 6938, Rural Banks under Republic


                                                                  Act No. 7353, Thrift Banks and Private Development Banks under Republic Act No. 7906, and


                                                                  Financing Companies under Republic Act No. 5980. These rights shall not extend to


                                                                  activities reserved by the Constitution, including (1) the exercise of profession; (2) in defense


                                                                  related activities under Section 8 (b) hereof. Unless specifically authorized by the Secretary of


                                                                  National Defense; and, (3) activities covered by Republic Act No. 1180 (Retail Trade Act).


                                                                  Republic Act No. 5187 (Security Agency Act), Republic Act No. 7076 (Small Scale Mining


                                                                  Act), Republic Act No. 3018. As amended (Rice and Corn Industry Act). And P.D. 449


                                                                  (Cockpits Operation and Management)? (As amended by R.A. 8179)


                                                                  SEC. 10. Other Rights of Natural Born Citizen Pursuant to the Provisions of Article XII,


                                                                  Section 8 of the Constitution. - Any natural born citizen who has lost his Philippine


                                                                  citizenship and who has the legal capacity to enter into a contract under Philippine laws may


                                                                  be a transferee of a private land up to a maximum area of five thousand (5,000) square


                                                                  meters in the case of urban land or three (3) hectares in the case of rural land to be used by


                                                                  him for business or other purposes. In the case of married couples, one of them may avail of


                                                                  the privilege herein granted: Provided, That if both shall avail of the same, the total area


                                                                  acquired shall not exceed the maximum herein fixed.


                                                                  In the case the transferee already owns urban or rural land for business or other purposes, he


                                                                  shall still be entitled to be a transferee of additional urban or rural land for business or other


                                                                  purposes which when added to those already owned by him shall not exceed the maximum


                                                                  areas herein authorized.


                                                                  A transferee under this Act may acquire not more than two (2) lots which should be situated in


                                                                  different municipalities or cities anywhere in the Philippines: Provided, That the total land area


                                                                  thereof shall not exceed five thousand (5,000) square meters in the case of urban land or


                                                                  three (3) hectares in the case of rural land for use by him for business or other purposes. A


                                                                  transferee who has already acquired urban land shall be disqualified from acquiring rural land


                                                                  and vice versa? (As amended by R.A. 8179)


                                                                  SEC. 11. Compliance with Environmental Standards. - All industrial enterprises regardless


                                                                  of nationality of ownership shall comply with existing rules and regulations to protect and


                                                                  conserve the environment and meet applicable environmental standards.


                                                                  SEC. 12. Consistent Government Action. - No agency, instrumentality or political


                                                                  subdivision of the Government shall take any action in conflict with or which will nullify the


                                                                  provisions of this Act, or any certificate or authority granted hereunder.


                                                                  SEC. 13. Implementing Rules and Regulations. - NEDA, in consultation with BOI, SEC and


                                                                  other government agencies concerned, shall issue the rules and regulations to implement this


                                                                  Act within one hundred and twenty (120) days after its effectivity. A copy of such rules and


                                                                  regulations shall be furnished the Congress of the Republic of the Philippines.


                                                                  SEC. 14. Administrative Sanctions. - A person who violates any provision of this Act or of


                                                                  the terms and conditions of registration or of the rules and regulations issued pursuant


                                                                  thereto, or aids or abets in any manner any violation shall be subject to a fine not exceeding


                                                                  one hundred thousand pesos (P100,000).


                                                                  If the offense is committed by a juridical entity, it shall be subject to a fine in an amount not


                                                                  exceeding ?of 1% of total paid-in capital but not more than five million pesos (P5,000,000).


                                                                  The president and/or officials responsible thereof shall also be subject to a fine not exceeding


                                                                  two hundred thousand pesos (P200,000.00)


                                                                  In addition to the foregoing, any person, firm or juridical entity involved shall be subject to


                                                                  forfeiture of all benefits granted under this Act.


                                                                  SEC shall have the power to impose administrative sanctions as provided herein for any


                                                                  violation of this Act or its implementing rules and regulations.


                                                                  SEC. 15. Transitory Provisions. - Prior to effectivity of the implementing rules and


                                                                  regulations of this Act, the provisions of Book II of Executive Order 226 and its implementing


                                                                  rules and regulations shall remain in force.


                                                                  During the initial transitory period of thirty-six (36) months after issuance of the Rules and


                                                                  Regulations to implement this Act, the Transitory Foreign Investment Negative List shall


                                                                  consist of the following:


                                                                  A. List A:


                                                                  1. All areas of investment in which foreign ownership is limited by mandate of


                                                                  Constitution and specific laws.


                                                                  B. List B:


                                                                  1. Manufacture, repair, storage and/or distribution of firearms, ammunition, lethal


                                                                  weapons, military ordnance, explosives, pyrotechnics and similar materials required


                                                                  by law to be licensed by and under the continuing regulation of the Department of


                                                                  National Defense; unless such manufacturing or repair activity is specifically


                                                                  authorized, with substantial export component, to a non-Philippine national by the


                                                                  Secretary of National Defense;


                                                                  2. Manufacture and distribution of dangerous drugs; all forms of gambling; nightclubs,


                                                                  bars, beerhouses, dance halls; sauna and steam bathhouses, massage clinics and


                                                                  other like activities regulated by law because of risks they may pose to public health


                                                                  and morals;


                                                                  3. ?mall and medium-sized domestic market enterprises with paid-in equity capital less


                                                                  than the equivalent of Two-hundred thousand US dollars (US$200,000.00), reserved


                                                                  to Philippine nationals: Provided, That if: (1) they involve advanced technology as


                                                                  determined by the Department of Science and Technology or (2) they employ at least


                                                                  fifty (50) direct employees, then a minimum paid-in capital of One hundred thousand


                                                                  US dollars (US$100,000.00) shall be allowed to non-Philippine nationals.


                                                                  SEC. 16. Repealing Clause. - Articles forty-four (44) to fifty-six (56) of Book II of Executive


                                                                  Order No. 226 are hereby repealed.


                                                                  All other laws or parts of laws inconsistent with the provisions of this Act are hereby repealed


                                                                  or modified accordingly.


                                                                  SEC. 17. Separability Clause. - If any part or section of this Act is declared unconstitutional


                                                                  for any reason whatsoever, such declaration shall not in any way affect the other parts or


                                                                  sections of this Act.


                                                                  SEC. 18. Effectivitiy. - This Act take effect from fifteen (15) days after approval and


                                                                  publication in two (2) newspapers of general circulation in the Philippines.


                                                                  Approved,


                                                                  (SGD) JOSE DE VENECIA, JR. (SGD) NEPTALI A. GONZALES


                                                                  Speaker of the House of Representatives President of the Senate


                                                                  This Act, which is a consolidation of Senate Bill No. 1399 and House Bill No. 5029 was finally


                                                                  passed by the Senate and the House of Representatives on March 25, 1996.


                                                                  CAMILO L. SABIO HEZEL P. GACUTAN


                                                                  Secretary General Secretary of the Senate


                                                                  House of Representatives


                                                                  Approved: March 28, 1996


                                                                  (SGD) FIDEL V. RAMOS


                                                                  President of the Philippines

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