WHEREAS,
the Philippines has long standing policy of attracting foreign
investors to the country thereby augmenting its limited capital
resources; chanroblesvirtualawlibrary
WHEREAS, there is a need to 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, and make as part of the law of the land, the
following:cralaw:red
Section 1. The following sections of Presidential
Decree No. 1623 are hereby amended to read as follows:cralaw:red
"Sec. 1. Under the conditions set forth herein, there
may be issued Special Investors Resident Visas to aliens who are able
to prove that they possess the following qualifications:cralaw:red
1. He had not been convicted of a crime involving
moral turpitude;chanroblesvirtualawlibrary
2. He is not afflicted with any loathsome, dangerous
or contagious disease;chanroblesvirtualawlibrary
3. He has not been institutionalized for any mental
disorder or disability;chanroblesvirtualawlibrary
4. He is willing and able to invest the amount of at
least US$200,000 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." chanroblesvirtualawlibrary
"Sec. 3. As holder of the Special Investors Resident
Visa, an alien shall be entitled to reside in the Philippines while his
investment subsists. For this purpose, he should submit an annual
report, in the form duly prescribed for the purpose, to prove that he
has maintained his investment in the country. Should said alien
withdraw his said investment from the Philippines, then the Special
Investors Residence Visa issued to him will automatically expire.
The following agencies are hereby directed to promulgate within thirty
(30) days from date hereof, the implementing Rules and Regulations
applicable hereto:cralaw:red
1. Ministry of Foreign Affairs, as Chairman;chanroblesvirtualawlibrary
2. Commission on Immigration and Deportation;chanroblesvirtualawlibrary
3. Board of Investments."
Section 2. All laws, decrees, executive orders, rules
and regulations inconsistent herewith are hereby repealed, amended, or
modified accordingly.
Section 3. This Decree shall take effect immediately.
DONE in the City of Manila,
this 6th day of November, in the year of Our Lord, nineteen hundred and
eighty-two.
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