菲律宾外商投资法.docx

菲律宾外商投资法.docx

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菲律宾外商投资法

[菲律宾]外商投资法实施细则

IMPLEMENTINGRULES®ULATIONSOFTHEFOREIGNINVESTMENTSACTOF1991[RepublicActNo.7042]

ANACTTOPROMOTEFOREIGNINVESTMENTS,PRESCRIBETHEPROCEDURESFORREGISTERINGENTERPRISESDOINGBUSINESSINTHEPHILIPPINESANDFOROTHERPURPOSES

RULEIDEFINITIONS

SECTION1.DefinitionofTerms.-ForthepurposeoftheseRulesandRegulations:

a."Act"shallrefertoRepublicAct7042entitled"AnActtoPromoteForeignInvestments,PrescribetheProceduresforRegisteringEnterprisesDoingBusinessinthePhilippines,andforOtherPurposes",alsoknownastheForeignInvestmentsActof1991,asamended.

b. "Philippinenational"shallmeanacitizenofthePhilippinesoradomesticpartnershiporassociationwhollyownedbythecitizensofthePhilippines;oracorporationorganizedunderthelawsofthePhilippinesofwhichatleastsixtypercent[60%]ofthecapitalstockoutstandingandentitledtovoteisownedandheldbycitizensofthePhilippines;oratrusteeoffundsforpensionorotheremployeeretirementorseparationbenefits,wherethetrusteeisaPhilippinenationalandatleastsixtypercent[60%]ofthefundwillaccruetothebenefitofthePhilippinenationals;Provided,thatwhereacorporationitsnon-FilipinostockholdersownstocksinaSecuritiesandExchangeCommission[SEC]registeredenterprise,atleastsixtypercent[60%]ofthecapitalstockoutstandingandentitledtovoteofbothcorporationsmustbeownedandheldbycitizensofthePhilippinesandatleastsixtypercent[60%]ofthemembersoftheBoardofDirectorsofeachofbothcorporationmustbecitizensofthePhilippines,inorderthatthecorporationshallbeconsideredaPhilippinenational.Thecontroltestshallbeappliedforthispurpose.

CompliancewiththerequiredFilipinoownershipofacorporationshallbedeterminedonthebasisofoutstandingcapitalstockwhetherfullypaidornot,butonlysuchstockswhicharegenerallyentitledtovoteareconsidered.

ForstockstobedeemedownedandheldbyPhilippinecitizensorPhilippinenationals,merelegaltitleisnotenoughtomeettherequiredFilipinoequity.Fullbeneficialownershipofthestocks,coupledwithappropriatevotingrightsisessential.Thus,stocks,thevotingrightsofwhichhavebeenassignedortransferredtoalienscannotbeconsideredheldbyPhilippinecitizensorPhilippinenationals.

Individualsorjuridicalentitiesnotmeetingtheaforementionedqualificationsareconsideredasnon-Philippinenationals.

c."Foreigncorporation"shallmeanonewhichisformed,organizedorexistingunderlawsotherthanthoseofthePhilippines.

Branchofficeofaforeigncompanycarriesoutthebusinessactivitiesoftheheadofficeandderivesincomefromthehostcountry.

Representativeorliaisonofficedealsdirectly,withtheclientsoftheparentcompanybutdoesnotderiveincomefromthehostcountryandisfullysubsidizedbyitsheadoffice.Itundertakesactivitiessuchasbutnotlimitedtoinformationdisseminationandpromotionofthecompany'sproductsaswellasqualitycontrolofproducts.

d.InvestmentshallmeanequityparticipationinanyenterpriseorganizedorexistingunderthelawsofthePhilippines.Itincludesbothoriginalandadditionalinvestments,whethermadedirectlyasinstocksubscription,orindirectlythroughthetransferofequityfromoneinvestortoanotherasinstockpurchase.Ownershipofbonds[includingincomebonds],debentures,notesorotherevidencesofindebtednessdoesnotqualifyasinvestments.

Thepurchaseofstockoptionsorstockwarrantsisnotaninvestmentuntiltheholderthereofexerciseshisoptionandactuallyacquiresstockfromthecorporation.

e."Foreigninvestment"shallmeananequityinvestmentmadebyanon-Philippinenational;Provided,however,Thatforpurposesofdeterminingforeignownership,pesoinvestmentsmadebynon-Philippinenationalsshallbeconsidered;Provided,further,Thatonlyforeigninvestmentsintheformofforeignexchangeand/orotherassetsactuallytransferredtothePhilippinesanddulyregisteredwiththeCentralBank（CB）andprofitsderivedtherefromcanberepatriated;andProvided,finally,That,forpurposesofSection8oftheAct,andRuleVIII,Section6oftheseRulesandRegulations,"ExistingForeignInvestments"shallmeananequityinvestmentsmadebyanon-PhilippinenationaldulyregisteredwiththeSECortheBureauofTradeRegulationandConsumerProtection（BTRCP）intheformofforeignexchangeand/orotherassetstransferredtothePhilippines.

f."Doingbusiness"shallincludesolicitingorders,servicecontracts,openingoffices,whetherliaisonofficesorbranches;appointingrepresentativesordistributors,operatingunderfullcontroloftheforeigncorporation,domiciledinthePhilippinesorwhoinanycalendaryearstayinthecountryforaperiodtotalingonehundredeighty[180]daysormore;participatinginthemanagement,supervisionorcontrolofanydomesticbusiness,firm,entityorcorporationinthePhilippines;andanyotheractoractsthatimplyacontinuityofcommercialdealingsorarrangements,andcontemplatetothatextenttheperformanceofactsorworks,ortheexerciseofsomeofthefunctionsnormallyincidenttoandinprogressiveprosecutionofcommercialgainorofthepurposeandobjectofthebusinessorganization.

Thefollowingactsshallnotbedeemed"doingbusiness"inthePhilippines:

1.Mereinvestmentasashareholderbyaforeignentityindomesticcorporationsdulyregisteredtodobusiness,and/ortheexerciseofrightsassuchinvestor;

2.Havinganomineedirectororofficertorepresentitsinterestinsuchcorporation;

3.AppointingarepresentativeordistributordomiciledinthePhilippineswhichtransactsbusinessintherepresentative'sordistributor'sownnameandaccount;

4.Thepublicationofageneraladvertisementthroughanyprintorbroadcastmedia;

5.MaintainingastockofgoodsinthePhilippinessolelyforthepurposeofhavingthesameprocessedbyanotherentityinthePhilippines;

6.Consignmentbyaforeignentityofequipmentwithalocalcompanytobeusedintheprocessingofproductsforexport;

7.CollectinginformationinthePhilippines;and

8.Performingservicesauxiliarytoanexistingisolatedcontractofsalewhicharenotonacontinuingbasis,suchasinstallinginthePhilippinesmachineryithasmanufacturedorexportedtothePhilippines,servicingthesame,trainingdomesticworkerstooperateit,andsimilarincidentalservices.

g."Exportenterprise"shallmeananenterprisewhereinamanufacturer,processororservice[includingtourism]enterpriseexportssixtypercent[60%]ormoreofitsoutput,orwhereinatraderpurchasesproductsdomesticallyandexportssixtypercent[60%]ormoreofsuchpurchases.

h."Exports"shallmeanthevolumeofthePhilippineportF.O.B.pesovalue,determinedfrominvoices,billsoflading,inwardlettersofcredit,loadingcertificates,andothercommercialdocuments,ofproductsexporteddirectlybyanexportenterpriseorthevalueofservicesincludingtourismsoldbyservice-orientedenterprisestonon-residentforeignersorthenetsellingpriceofexportproductssoldbyanexportenterprisetoanotherexportenterprisethatsubsequentlyexportsthesame;Provided,Thatsalesofexportproductstoanotherexportenterpriseshallonlybedeemedexportswhenactuallyexportedbythelatter,asevidencedbyloadingcertificatesorsimilarcommercialdocuments;andProvided,finally,Thatwithoutactualexportation,thefollowingshallbeconsideredconstructivelyexportedforpurposesoftheAct:

[1]salesofproductstobondedmanufacturingwarehousesofexportenterprises;[2]salesofproductstoexportprocessingzoneenterprises;[3]salesofproductstoexportenterprisesoperatingbondedtradingwarehousessupplyingrawmaterialsusedinthemanufactureofexportproducts;and[4]salesofproductstoforeignmilitarybases,diplomaticmissionsandotheragenciesand/orinstrumentalitiesgrantedtaximmunitiesoflocallymanufactured,assembledorrepackedproductswhetherpaidforinforeigncurrencyorpesosfundedfrominwardlyremittedforeigncurrency.

SalesoflocallymanufacturedorassembledgoodsforhouseholdandpersonalusetoFilipinosabroadandothernon-residentsofthePhilippinesaswellasreturningoverseasFilipinosundertheInternalExportProgramoftheGovernmentandpaidforinconvertibleforeigncurrencyinwardlyremittedthroughthePhilippinebankingsystemshallalsobeconsideredexports.

i. "Output"shallrefertotheexportenterprise'stotalsalesinataxableyear.Thetermsalesshallrefertothevalueincaseofheterogeneousproductsandvolumeincaseofhomogeneousproducts.

Heterogeneousproductsshallrefertoproductsofdifferentkindsandcharacteristicsaswellastothoseofthesamekindbutwithvariouscategoriesusingdifferentunitsofmeasurement.

Homogeneousproductsshallrefertoproductsofthesamekindorcategoryusingacommonunitofmeasurement.

j. "Exportratio"shallreferto:

1.thepercentageshareofthevolumeorpesovalueofgoodsexportedtothetotalvolumeorvalueofgoodssoldinanytaxableyeariftheexportenterpriseisengagedinmanufacturingorprocessing;

2.thepercentageshareofthepesovalueofservicessoldtoforeignerstototalearningsorreceiptsfromthesaleofitsservicesfromallsourcesinanytaxableyeariftheexportenterpriseisservice-oriented;Valueofservicessoldshallrefertothepesovalueofallservicesrenderedbyanexportenterprisetoforeignersthatarepaidforinforeigncurrencyand/orpesosfundedfrominwardlyremittedforeigncurrencyasproperlydocumentedbytheexportenterprise;or

3.the