Japan Food International Corporation
SEC Opinion • Securities and Exchange Commission • Opinions • Mar 26, 1982
Full text
March 26, 1982 Japan Food International Corporation c/o Mr. Chen Yon Tai 10th Floor, Century Tower 100 Tordesillas Street Salcedo Village, Makati Metro Manila Gentlemen: This has reference to your letter of March 12, 1982 inquiring whether it is necessary for said corporation to bring to the Philippines and deposit in its account money representing foreign equity participation in an increase of capital stock prior to this Commission's approval of said increase of capital. We hereby inform that as a matter of policy, this Commission requires subscription payments of foreign subscribers to proposed increase in capital stock in cash be remitted to the Philippines and deposited in the account of the registrant corporation in any bank in the country prior to approval of said increase of capital by this Office. Likewise, be informed that said remittance should be duly recorded in the books of the corporation as the subscriber's payments for the increase in capital stock. Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Associate Commissioner
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