Amending P.D. No. 1623 Re: Issuance of Special Investors Resident Visas to Aliens

December 13, 1983

PRESIDENTIAL DECREE NO. 1893

FURTHER AMENDING PRESIDENTIAL DECREE NO. 1623 ENTITLED "AUTHORIZING THE ISSUANCE OF SPECIAL INVESTORS RESIDENT VISAS TO ALIENS AND FOR OTHER PURPOSES," AS AMENDED

WHEREAS, there is a need to further liberalize the investment requirements for aliens desiring to obtain special Investors Resident Visas in the Philippines;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree the following: acd

SECTION 1. Section 1, Paragraph 4 of P.D. No. 1623, as amended, is hereby further amended to read as follows:

"4. He is willing and able to invest the amount of at least US$75,000 in the Philippines; provided, however, that for purposes of compliance with this particular condition, the alien-applicant should prove that he has remitted such amount in acceptable foreign currency to the Philippines." acd

SECTION 2. This Decree shall take effect immediately.

DONE in the City of Manila, this 13th day of December, in the year of Our Lord, Nineteen Hundred and Eighty-Three.