Mr. Ulrich Volkel

July 1, 1982 Mr. Ulrich Volkel 39 Stanford Cubao, Quezon City Sir : This has reference to your letter dated June 10, 1982, seeking opinion of this Commission on the following query: "Are there any restrictions, objections, or conditions to be fulfilled according to Philippine Law in the case that a proposed Philippine-Foreign Stock corporation chooses foreign nationals for the positions of both President and Vice-President?" In reply thereto, please be informed that in firms engaged in wholly or partially nationalized activities, aliens are barred from being appointed to management positions as president, vice-president, treasurer, auditor, etc. of the same companies, pursuant to a ruling of the Ministry of Justice (Opinion No. 37, s. 1976) 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. Corporations engaged in partially nationalized activities which include mining are those organized under the laws of the Philippines of which at least 60% of the capital stock outstanding and entitled to vote is owned and held by citizens of the Philippines. cdlex Please be guided accordingly. Very truly yours, (SGD.) JULIO A. SULIT, JR. Associate Commissioner