Mr. C. C. Gison
SEC Opinion • Securities and Exchange Commission • Opinions • Apr 26, 1983
Full text
April 26, 1983 Mr. C. C. Gison SGV & Co. 6760 Ayala Avenue Makati, Metro Manila Sir : In connection with your letter dated March 25, 1983, please be informed that Regional or Area Headquarters of Multinational Companies registered pursuant to P.D. 218 are not required to file annual financial statements with the Commission. However, under Section 3 of the Rules and Regulations implementing P.D. 2 1 8, they are required to submit, among others, an annual report showing its operations in the Philippines, including proofs of inward remittances amounting to at least 50,000 U.S. dollars or its equivalent in other foreign currencies converted into Philippine Pesos. Very truly yours, (SGD.) JESUS J. VALDES Associate Commissioner
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