"(13)To
the extent that such activities are allowed by the Constitution and
relevant
laws, to recommend to the President of the Philippines, the suspension
of the nationality requirement provided in this Code in cases of ASEAN
projects, or investments by ASEAN nationals, regional ASEAN or
multilateral
financial institutions including their subsidiaries in preferred
projects
and/or projects allowed through either financial or technical
assistance
agreements entered into by the President, and in the case of regional
complementation
for the manufacture of a particular product which seeks to take
advantage
of economies of scale. For the purpose of this Act, a multilateral
financial
institution shall refer to a financial agency or entity, and its
affiliates
which satisfy the following qualifications:chanroblesvirtualawlibrary
"(1)
The
institution is either owned or controlled by member countries but does
not possess any national identity;
"(2)
The
institution sources its funds from capital stock subscriptions and
contributions
by member countries; and
"(3)
The
primary responsibility of the institution is to provide funds for
developmental
purposes and international economic stability."
