Mr. Nito Doria
SEC Opinion • Securities and Exchange Commission • Opinions • Nov 11, 1988
Full text
November 11, 1988 Mr. Nito Doria C/o Societal Research Communications Systems Suite 202, Bayan Building 728 EDSA, Quezon City Sir : This refers to your letter dated November 3, 1988, requesting the assistance of this Commission on the following queries: What maximum percentage of voting equity is allowed by law to be controlled by foreign investors? How much on the non-voting preferred stocks' For permitted and permissible investments, the maximum percentage of control allowable to foreign investors is found in Sections 46 and 47 of the Omnibus Investments Code of 1987 , copy enclosed. In relation thereto, "Outstanding capital stock" refers to the total shares issued to subscribers or stockholders, whether or not fully or partially paid, except treasury shares. (Section 137, Corporation Code of the Philippines), and it is immaterial how the stock is classified, whether as common or preferred, ( SEC opinions, dated June 13, 1988 , April 14, 1987, and February 15, 1988). The maximum percentage of foreign equity in other nationalized areas of economic activities is set forth in the various nationalization laws. Please be advised accordingly. Very truly yours, (SGD.) JULIO A. SULIT, JR. Chairman
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