When is a corporation considered a Philippine National? | 07 October 2023

The foregoing provision of the Foreign Investments Act regarding which corporations are deemed as “Philippine National” only applies to stock corporations

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Alburo Law
October 07, 2023

When is a corporation considered a Philippine National?

A stock corporation is a Philippine National under the Foreign Investments Act when:

  1. It is a corporation organized under Philippine laws of which 60% of the capital stock outstanding and entitled to vote is owned and held by Filipino citizens; and

  2. It is a corporation organized abroad and registered as doing business in the Philippines under the Corporation Code of which 100% of the capital stocks entitled to vote belong to Filipinos. (Section 3, par. (a), R.A. No. 7042 or the Foreign Investments Act, as amended by R.A. No. 8179)

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