1. All departments, bureaus, offices and other agencies of the government, particularly those charged with the registrations or licensing of persons and entities for the purpose of doing business or engaging in any economic activity in the Philippines, are hereby directed to extended the maximum cooperation and assistance to the Board of Investments and other government agencies involved in the implementation of Republic Act 5455 and the rules issued or to be issued by the Board of Investments thereunder, and to observe the injunction in Section 6 of said law that –
“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 thereunder.”
2. To inusre compliance with the foregoing, every government, bureau, office or agency authorized to register or issue specialized or general licenses for the purpose of doing business or engaging in any economic activity in the Philippines, except banking, shall inform itself of the provisions and operation of Republic Act 5455 and its implementing rules, and appoint a responsible officer thereof to conduct liaison work with the Board of Investments.
3. In accordance with Section 4 of Republic Act 5455 and its implementing rules, and except as otherwise therein provided, no officer or employee of any department, bureau, office or agency of the government shall allow the following persons and entities to do business or engage in any economic activity in the Philippines, or register, license or permit any of them to do so without first securing a written certificate or authority from the Board of Investment:
- Partnerships, corporations and other business organizations formed, organized, chartered or existing under any laws other than those of the Philippines;
- Domestic entities which are not Philippine nationals; and
- Domestic entities more than 30% of the outstanding capital of which is owned or controlled by aliens.
For purposes hereof, “Philippine national” in general refers to a citizen of the Philippines; or a partnership or association wholly owned by citizens of the Philippines; or a corporation organized under the laws of the Philippines of which at least 60% of the capital stock outstanding and entitled to vote is owned and held by citizens of the Philippines; or a trustee of funds for pension or other employee retirement or separation benefits, where the trustee is a Philippine national and at least 60% of the fund will accrue to the benefit of Philippine nationals.
4. Upon its own initiative or upon the request of the Board of Investments, every government department, bureau, office or other agency shall furnish said Board with such information or data as may be necessary for the effective enforcement of Republic Act 5455, its implementing rules and the decisions of the Board of Investments with respect thereto, and shall perform such other acts within the scope of its authority toward that end.
Done in the City of Manila, this 23rd day of January, in the year of Our Lord, nineteen hundred and sixty-nine.
(Sgd.) FERDINAND E. MARCOS
President of the Philippines
By the President:
(Sgd.) RAFAEL M. SALAS