(REPEALED
BY EXECUTIVE ORDER NO. 226, S. 1987)
WHEREAS, tourism and attraction of foreign investments into the
Philippines are two of the government's prime target areas in its move
towards the improvement of the Philippine economy;chanroblesvirtualawlibrary
WHEREAS, there are still a number of economically depressed areas in
the country suitable for international tourism, which have not been
adequately exploited, developed and attended to whether by the
government or by the private sector;chanroblesvirtualawlibrary
WHEREAS, studies and researches conducted by governmental agencies
reveal that among the major obstacles in the realization of optimum
benefits from the governmental programs of tourism and foreign
investment attraction are the stringent provisions of immigration laws,
rules and procedure; which serve as deterrent to alien investors
wishing to make the Philippines their second home;chanroblesvirtualawlibrary
WHEREAS, it is felt that selective relaxation of immigration laws to
accommodate alien investors who are willing to, and do in fact, invest
substantially in preferred depressed areas would go along way towards
infusing additional foreign exchange receipts to the Philippines,
encourage new constructions and real state development, generate more
employment and income opportunities for the masses, in keeping with the
escalating demands of our people for the basic essentials that make for
comfortable existence.
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. Under the conditions set forth in this
Decree, 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
disability;chanroblesvirtualawlibrary
4. He is willing and able to invest a substantial
amount in an economically depressed priority area, as the same may be
declared by the Office of the President of the Philippines; provided,
however, that for purposes of compliance with this particular
condition, the alien applicant should prove that he has remitted in
acceptable foreign currency, an amount of not less than US$200,000 for
the purpose of direct investment into the economically depressed area
to which he is assigned.
Section 2. The same visa shall be issued to the
spouse and unmarried children of the applicant, if accompanying him or
if following to join him after his admission into the Philippines as
special investor resident;chanroblesvirtualawlibrary
Section 3. As holder of the Special Investors
Resident Visa, an alien shall be entitled to reside in the Philippines
while investment subsists. Should said alien, however, withdraw the
said investment from the Philippines, or transfer his investment to any
other area within the Philippines without prior approval from the
Office of the President, then the Special Investors Resident Visa
issued to him may be revoked by the Philippine Government;chanroblesvirtualawlibrary
Section 4. Any provision of existing general or
special laws inconsistent with the provisions of this Decree shall be
considered modified, amended, or repealed accordingly.
Done in the City of Manila,
this 17th day of May, in the year of Our Lord, nineteen hundred and
seventy-nine.
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