(NAR) VOL. 6 NO. 4 / OCTOBER - DECEMBER 1995
"Foreign firms" shall refer to (1) partnerships, more than forty percent (40%) of whose capital is owned by non-Filipino citizens, and (2) corporations, more than forty percent (40%) of whose total subscribed capital stock is owned by non-Filipino citizens. However, in determining capital stock ownership by non-Filipino citizens, the equity of multilateral financial institutions shall be excluded provided that the multilateral financial institution satisfies the following qualifications:
1) It is either owned or controlled by member countries but does not possess any national identity;
2) It sources its funds from capital stock subscriptions and contributions by member countries; and
3) The primary responsibility of the institution is to provide funds for developmental purposes and international economic stability.
This Circular shall take effect immediately.
Adopted: 31 Oct. 1995
(SGD.) ANDRE NAVATO
Officer-In-Charge