Mr. James L. Rankin
SEC Opinion • Securities and Exchange Commission • Opinions • Mar 5, 1984
Full text
March 5, 1984 Mr. James L. Rankin 4350 Mission Cr. Rd. Cashmere, Washington 98815 USA Sir : With reference to your letter dated January 13, 1984 asking whether a foreign corporation can hold legal title to any land in the Philippines, quoted hereunder are the pertinent provisions of Article XIV of our Constitution on this matter: "SECTION 9. The disposition ,exploration, development, exploitation or utilization of any of the natural resources of the Philippines shall be limited to citizens of the Philippines, or to corporations or associations at least sixty per centum of the capital of which is owned by such citizens ." "SECTION 14. Save in cases of hereditary succession no private land shall be transferred or conveyed except to individuals, corporations, or associations qualified to acquire or hold land of the public domain." (emphasis supplied) Thus, we answer your query in the negative. Very truly yours, (SGD.) MANUEL G. ABELLO Chairman
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