WHEREAS, it
is the policy of the State to encourage and promote foreign investments
in the various economic activities of the country provided their
participation is consistent with national goals and policies;chanroblesvirtualawlibrary
WHEREAS, the accelerated entry of foreign investments at this time of
economic difficulty will contribute to the achievement of economic
goals;chanroblesvirtualawlibrary
WHEREAS, there is an increased interest on the part of foreign
investors to enter into joint ventures with Philippine partners
particularly in preferred areas of investments as defined in the
Omnibus Investments Code, as amended;chanroblesvirtualawlibrary
WHEREAS, it is in the best interest of the State to relax the
nationality requirements provided in the said Code for limited period
in order to facilitate the entry of foreign investments.
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:cralaw:red
Section 1. Notwithstanding the provisions of Article
34(1) of Presidential Decree No. 1789, as amended, otherwise known as
the Omnibus Investments Code, the nationality requirement of at least
60% Philippine nationals for non-pioneer industries to be entitled to
registration under Book One of the Omnibus Investments Code shall be
suspended for a period of one (1) year; Provided, that foreign
investors fulfill the other requirements provided in the aforementioned
article, particularly Article 34(1) (b), and such other conditions
provided in Book One of the Omnibus Investments Code; and Provided,
further, that foreign investors will not engage in activities reserved
by the Constitution and existing laws to Philippine nationals and
corporations and other juridical entities owned and controlled by
Philippine nationals. chanroblesvirtualawlibrary
Section 2. Existing non-pioneer enterprises
registered under Book One of the Omnibus Investments Code may increase
their foreign equity in accordance with and subject to the conditions
of the preceding Section.
Section 3. This Decree shall take effect immediately
and shall remain in force for a period of one (1) year from effectivity
hereof, provided that upon expiration of the one-year period, the
suspended provisions of the Omnibus Investments Code shall resume to be
in force and effect without in any way affecting the status of
investments approved during the suspension of the provision.
Done in the City of Manila,
this 4th day of December, in the year of Our Lord, nineteen hundred and
eighty-three.
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