Re: Filipino with Dual Citizenship as President and Chairman of the Board

December 20, 2004 SEC OPINION NO. 48-04 Re: Filipino with Dual Citizenship as President and Chairman of the Board Ms. Rosalinda D. Baldoz Administrator Philippine Overseas Employment Administration (POEA) EDSA, Mandaluyong City M a d a m : This pertains to the attached letter dated 11 October 2004 of Atty. Tomas N. Prado inquiring whether a Filipino who is also an Italian citizen and a permanent resident of Saudi Arabia can own 54.13% of stocks in a domestic recruitment agency and be elected as President and Chairman of the Board; and whether pending the proceedings on falsification of documents and questions on transfer of ownership, the Philippine Overseas Employment Administration can approve the change of management in a corporation. Considering that your office is charged with regulating recruitment agencies, we respectfully forward to you the letter of Atty. Prado for appropriate action. This Commission has no objection to the election as President or Chairman of the Board of Directors of a recruitment agency 1 of a natural born Filipino who holds dual citizenship subject to the condition that prior to such election, he shall have complied with the requirements of Republic Act 9225, otherwise known as "Citizenship Retention and Re-acquisition Act of 2003 and its Implementing Rules and Regulations which would entitle him to enjoy his rights allowed by law. ACDIcS Very truly yours, (SGD.) VERNETTE G. UMALI-PACO General Counsel Footnotes 1. 5th Regular Foreign Investment Negative List, Private Recruitment, whether for local or overseas employment (Art. 27 of P.D. 442), foreign equity shall be limited to 25%.