Foreigners May Now Own 60% Of Financing Firms

[Mr Lee]

Interesting, maybe the Philippines might actually be heading in the correct direction, now maybe if only they would allow home ownership by foreigners.Section 6 of R.A. 5980 (Financing Company Act) imposed a 60 percent Filipino-owned capital requirement, and Section 6 of R.A. 8556, amending the said Section 6 of R.A. 5980, reduced the percentage requirement for the firm’s organization from 60 to 40 percent of the corporate stocks and changed the organization’s requirement from ‘capital’ to ‘voting stock,’” De Lima said.In effect, De Lima said such amendment liberalized the conduct of financing business in the Philippines by allowing foreign nationals to own up to 60 percent of the equity of financing company.The complete story HERE