|
 |
REPUBLIC ACT NO. 7888
AN ACT TO AMEND ARTICLE 7 (13) OF EXECUTIVE ORDER NO. 226, OTHERWISE KNOWN
AS THE OMNIBUS INVESTMENTS CODE OF 1987
Sec. 1. Article 7 (13) of Executive Order No. 226, otherwise known as
the Omnibus Investments Code of 1987, is hereby amended to read as follows:
"(13) To the extent that such activities are allowed by the Constitution
and relevant laws, to recommend to the President of the Philippines, the
suspension of the nationality requirement provided in this Code in cases
of ASEAN projects, or investments by ASEAN nationals, regional ASEAN or
multilateral financial institutions including their subsidiaries in preferred
projects and/or projects allowed through either financial or technical
assistance agreements entered into by the President, and in the case of
regional complementation for the manufacture of a particular product which
seeks to take advantage of economies of scale. For the purpose of this
Act, a multilateral financial institution shall refer to a financial agency
or entity, and its affiliates which satisfy the following qualifications:
cdtai
- The institution is either owned or controlled by member countries
but does not possess any national identity;
- The institution sources its funds from capital stock subscriptions
and contributions by member countries; and
- The primary responsibility of the institution is to provide funds
for developmental purposes and international economic stability.
Sec. 2. This Act shall take effect after fifteen (15) days following
its publication either in the Official Gazette or a newspaper of general
circulation in the Philippines.
Approved: February 20, 1995
|
