Philippine Realty & Holding Corporation

April 26, 1989 Philippine Realty & Holding Corporation C/o Sixto S. Sandejas II 4th Floor, Quad Alpha Centrum 125 Pioneer, Mandaluyong Metro Manila Gentlemen : This refers to your letter dated March 10, 1989 requesting for opinion as to whether your real estate corporation may employ an alien as an officer and/or employee of the corporation. LexLib Records show that Philippine Realty & Holding Corporation was organized "to deal, engage, invest and transact, directly or indirectly in all forms of business and mercantile arts and transactions concerning all kinds if real property ,including but not limited to acquisition , development, utilization and disposition of residential, industrial and commercial property ...:.The corporation is therefore, engaged in partly nationalized business activities . The Commission, in its previous opinions, has rule that in firms engaged in wholly or partially nationalized activities, aliens are banned from buying appointed to management positions as president, vice-president, treasurer, auditor, etc. of said companies pursuant to the ruling of the Ministry of Justice, although they can be elected directors in proportion to their allowable participation or share in the capital of such activities in accordance with the Anti-Dummy Law, as amended by P.D. No. 715. (SEC Opinions dated June 14, 1982 * ; July 1, 1983; May 15, 1985; May 28, 1985). Commonwealth Act No. 108 as amended by PD 715 otherwise known as the Anti-Dummy Law, provides, thus: "SECTION 2.A. Any person, corporation or association which, having in its name or under its control, a right, franchise, privilege, property or business, the exercise or enjoyment of which is expressly reserved by the Constitution or the laws to citizens of the Philippines or of any other specific country, or to corporation or associations at least sixty per centum of the capital of which is owned by such citizens ,...permits or allow any person, not possessing the qualifications required by the Constitution, or existing laws ..., to intervene in the management, operations, administration or control thereof ,whether as an officer , employee or laborer therein with or without remuneration except technical personnel whose employment may be specifically authorized by the Secretary of Justice ...shall be punished by imprisonment for not less than five nor more than fifteen years ...;and provided, finally, That the election of aliens as members of the Board of Directors or governing body of corporations or associations engaging in partially nationalized activities shall be allowed in proportion to their allowable participation or share in the capital of such entities ." (emphasis supplied) prcd Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman * Copied verbatim from documents obtained directly from the Securities and Exchange Commission .