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Explore
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How to invest in
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the Philippines
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o.
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investors
2015
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whom we consider
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major business
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partners in shaping
the future of the o.
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Philippine economy.
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Lake Sebu is one of the Philippines’ most important watersheds and a major provider of irrigation to the provinces of
Sultan Kudarat and South Cotabato. It is located in the ancestral domain of the T’boli and Ubo tribes. The DOT has
promoted the lake as one of the prime eco-tourism destinations in Mindanao. Visit http://www.pwc.com/ph/gems for
more information. (Photo by Christine Rodriguez)
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separate legal entity. Please see www.pwc.com/structure for further details.
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157 countries with more than 195,000 people who are committed to delivering quality in assurance, tax and advisory
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How to Invest in
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the Philippines
A business guide o.
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2015 edition
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Message from the Chairman and Senior Partner
This publication on How to Invest in the Philippines helps you find easy answers
to most commonly asked questions on how to engage in a business in the
Philippines.
We have developed this guidebook to
provide you with quality information that
are responsive to your needs as an investor
stepping into the country for the first time. It
gives you an overview of the business climate
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in the Philippines and various reasons why it
has remained to be a bright spot for foreign
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investments in Asia.
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This guide addresses your immediate concerns,
from the first steps to consider in registering
your business, whether entering a joint venture
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or retail trade, to what policies you should
observe on income and business taxes, as
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well what you need to know about living and
business expenses in the Philippines.
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Should you have more questions about your specific industry or wish to know
more about our services, please do not hesitate to contact me or any of our
professional advisors. You will find a list of contact persons at the back of this
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guidebook. You can also download this material free of charge from our website
www.pwc.com/ph.
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Thank you for considering the Philippines and we look forward to helping you
succeed in one of the most energetic and promising economies in the region.
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Alexander B. Cabrera
Chairman and Senior Partner
Contents
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Board of Investments/Philippine Economic Zone Authority/Other
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Investment Promotion Agencies ......................................................... 23
1. How does our proposed project qualify for registration with the BOI/
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PEZA/other Investment Promotion Agencies (IPAs)?................................23
2. What possible obstacles would our application meet?...............................24
3. How long will it take to obtain BOI/PEZA/other IPAs approval once all
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requirements are complied with?.............................................................24
4. Assuming approval is obtained, what restrictions are ordinarily
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attached?.................................................................................................25
5. How much time is an investor allowed to start his project?.......................25
Securities and Exchange Commission ................................................. 26
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and the SEC be filed simultaneously, or must one wait for the BOI/PEZA/
other IPAs approval before going to the SEC?...........................................26
3. How long after the submission of the application and all the required
documents will approval be obtained?......................................................26
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banking system?.......................................................................................28
2. Is registration of foreign investment with the BSP required?.....................28
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allow us to hold 51% or more of its equity?...............................................38
2. If we are restricted to a 40% equity holding, how can we obtain control
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of the operations?....................................................................................38
3. Are there any requirements that directors and other officers must be
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Filipino citizens and/or residents?............................................................38
4. How are joint ventures taxed?..................................................................39
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Retail trade........................................................................................... 40
1. Can foreign investors engage in retail trade in the Philippines?.................40
2. How is “Retail Trade” defined?.................................................................40
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3. To what extent is foreign ownership of retail enterprises in the country
permitted?...............................................................................................40
4. What are the criteria to qualify as foreign retailers in the Philippines?......41
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Rules on borrowings............................................................................. 42
1. Can we finance our project through foreign borrowings?..........................42
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Others................................................................................................... 44
1. Could you give some basic guidelines on living/business expense?...........44
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excess pesos that they may have upon termination of their assignment?...47
6. Is there any public offering of stocks or corporate shares in the
Philippines?.............................................................................................47
Appendix I............................................................................................ 48
Appendix II........................................................................................... 50
Appendix III.......................................................................................... 55
Appendix IV.......................................................................................... 57
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The Philippines – A profile
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Strategic location, skilled people, a
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stable democratic government, a vibrant
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economy make it an attractive investment
destination
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Overview
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Investor considerations
The Philippines, with its strategic location, is a gateway to the huge Asian
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market.
Its considerable attractions as an investment destination include:
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The Philippines is an archipelago of approximately 7,100 islands, located in
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Southeast Asia.
It is surrounded in the north by Japan, Hong Kong, Taiwan, and South Korea; in
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the south by Singapore, Malaysia, and Indonesia; and in the west by Thailand.
To the east is the vast expanse of the Pacific Ocean, which earned for the country
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the title, “gateway of the west to Asia.”
The total land area of the country is approximately 300,000 square kilometers,
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about the size of Italy or the state of Arizona in the United States. The country
has a tropical climate and two seasons: rainy, from June to November, and dry,
between December and May. It is rich in natural resources such as vast arable
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Visayas, and Mindanao and for administrative purposes, into 17 regions: eight in
Luzon; three in the Visayas; and six in Mindanao.
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The Philippines was colonized by Spain for almost 400 years and then by the
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ally, it was occupied for four years by the Japanese Imperial Army during World
War II.
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There are 19 departments in the executive branch, more than 200 congressmen
and 24 senators in the bicameral legislative branch, and 15 justices in the
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Supreme Court (judicial branch).
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Philippine law is a consolidation of Anglo-American, Roman, and Spanish laws
and the indigenous customs and traditions of Filipinos. The 1987 Constitution
is the fundamental law of the land. Other sources of Philippine law are the Civil
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Code, Penal Code, National Internal Revenue Code, Labor Code, and Code of
Commerce. Judicial decisions and pronouncements, letters of instructions,
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administrative rules and regulations, as well as orders issued by the three
branches of the government constitute part of the law of the land.
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For the past several years, the government has been continuously undertaking
stabilization efforts.
It has been working towards the attainment of an impressive economic growth
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to uplift the economic well-being of the greater mass of its constituents through
a modified social market environment and through a policy of self-determination
by the regions.
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The national government veered away from undue intervention in the market
place and its historic centric posturing through the privatization of some
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especially in Mindanao, was former President Arroyo’s priority.
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Bottlenecks of productivity such as the high cost of power, deterrence to
investments and agriculture by confrontational labor management relations and
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corruption, and red tape at the national and local government levels have been
minimized.
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Among the important legislative measures enacted into law are: E-procurement;
Tax exemption of offshore banking units and foreign currency deposit units;
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Reformed VAT Law as amended; the extended Special Purpose Vehicle Act; the
Human Security Act of 2007; the Cheaper Medicines Act; the Japan Philippine
Economic Partnership Agreement; the Real Estate Investment Trust (REIT)
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Act of 2009; the Exchange of Information on Tax Matters Act of 2009; the
Senior Citizens Act of 2010; the Cybercrime Prevention Act of 2012; and the
amendment to the Anti-Money Laundering Act of 2001.
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On capital market reform, the Securitization Act was enacted into law. Former
President Arroyo also pushed for the passage of legislations that would clarify
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and simplify the Investment Company Act and the Securities Regulation Code.
The system of incentives is constantly placed under review to make it simple and
clear.
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Fast growing industries where high value jobs are most plentiful have been
promoted such as information and communication technology (ICT) or business
process outsourcing (BPO). This has resulted in the proliferation of call centers
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in the country. The Philippines is one of the two countries in Asia favored as
destination for contact or call centers and data management in this decade.
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On fostering peace efforts, the government has been hitting hard on terrorism as
the Senate ratified several U.N. Conventions against terrorism.
It has also made advances towards a negotiated peace on two fronts: the Moro
Islamic Liberation Front (MILF) and the National Democratic Front (NDF).
Peace talks between the Philippines and the MILF held in Kuala Lumpur in
October 2012, led to the signing between the two parties of the Framework
Agreement on the Bangsamoro in the same month. The Framework Agreement
serves as a preliminary peace agreement which calls for the creation of an
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autonomous political entity named Bangsamoro, replacing the Autonomous
Region of Muslim Mindanao or ARMM, by 2016. A Transition Commission has
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been appointed to draft the Basic Law which should be completed in 2014. A
joint Normalization Committee has likewise been formed to address governance
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and “transitional justice” by decommissioning MILF armed forces, together with
a Third-Party Monitoring Team. Annexes on power-sharing, wealth-sharing,
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transitional arrangements and modalities, and normalization have been
prepared though not yet completed.
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Moreover, the quest for peace with the MILF continues through the
implementation of the Sajahatra Bangsamoro Program which was launched in
2012. Under the program, the government of the Philippines and MILF identified
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implement and include the components specifically for Health, Education and
Livelihood.
While searching for a political solution to the conflicts with the MILF, the
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government also looks to the United States (US) for help in the rehabilitation of
conflict areas and the eradication of the roots of war in some parts of Mindanao.
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strengthen the bilateral partnership between the US and the Philippines and also
to improve and foster economic and political stability in the region.
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ages 15 years and above.
The highest concentration of people is in the Calabarzon (Cavite, Laguna,
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Batangas, and Quezon) -Region IV-A, National Capital Region or Metro Manila,
and Central Luzon - Region III.
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Labor force
Language
Most Filipinos are bilingual, speaking English and Filipino which are the official
languages. There are 168 dialects or native languages like Ilocano or Cebuano. A
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Religion
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83% of the population are Roman Catholics, 12% are Protestants or members
of other Christian denominations, and 5% are Muslims. The latter are mainly
concentrated in Mindanao.
The Filipinos value education highly as they look at it as a vehicle for a better
future.
The government provides free education at the primary and secondary levels
bringing about a simple literacy rate of 92.3%. The Philippines reportedly
has one of the highest numbers of Masters in Business Administration (MBA)
graduates in the world. There are 215 MBA schools in the country, among which
is the Asian Institute of Management (AIM).
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Health
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The latest projected life expectancy at birth of the Filipino male is 65 years while
that of the Filipino female is 72 years.
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The press
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There are 500 national and local newspapers, at least 1,084 cable television
networks distribution, and 1,266 licensed radio stations all over the country, a
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situation which is reflective of the extent of press freedom in the Philippines.
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The continued flow of remittances from the overseas workers also accelerated
the Net Primary Income from the rest of the world to grow by 4.1%, boosting the
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Gross National Income (GNI) growth to 5.8%. (See Appendix 1 for comparative
chart.)
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Agriculture
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The main agricultural products of the country are rice, corn, coconut, sugar,
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bananas, mangoes, and pineapple. The Philippines is one of the largest exporters
of coconut oil and sugar but this comparative advantage has declined over the
years due to the development of substitutes and the increase in number of other
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exporting countries.
Mining
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For this reason, mining continues to be among the most promising potentials of
the country (particularly gold and copper). The Philippine Mining Act of 1995
liberalized the industry, paving the way for the entry of foreign mining firms
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with a package of incentives, among which are net operating loss carry-over and
accelerated depreciation.
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The Philippine Energy Plan (PEP) for 2009 to 2030 was set to achieve a goal of
60% self-sufficiency level by 2010 which effectively means that by that time, the
country should be able to source three-fifths of its total energy supply from local
sources.
The country’s energy resources is a mix of indigenous and imported energy.
Indigenous energy comes from domestically produced oil and oil products,
natural gas, coal, geothermal, hydro, biomass, solar, and wind. Imported energy
on the other hand, largely comes from oil and coal, on which the Philippines
is principally dependent. To shield the country from the adverse effects of
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grant from the European Union (EU) as part of the EU’s SWITCH Policy Support
Component that promotes energy efficiency and conservation programs as well
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as clean energy and green growth policies in the Philippines.
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Utilities
Electricity, gas and water accelerated to 2.8% in 2014, from 3.6% in 2013,
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largely driven by slower growth in electricity. Accounting for about 86% of the
total sector, electricity grew by 2.1% from 3.8% a year ago supported by demand
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from the industrial and commercial sectors. Similarly, the water subsector
growth slowed to 5.7%% from 4.3% in 2013. Steam gained 11.7%, a turnaround
from the previous year’s 0.3% decline.
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Manufacturing
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Manufacturing slowed by 8.3% in 2014 from 10.3% the previous year. While
most subsectors slowed, publishing and printing rebounded from a decline of
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Construction
The construction sector is one of the robust sectors in the country following an
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upbeat real estate market. Private construction, which accelerated by 12.1% has
been gaining from higher demand for middle and high-end housing (with the
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rising demand for housing of overseas Filipino workers) and commercial office
space from call centers. The completion of the various government projects also
boosted spending in construction.
Led by the transport, communications, and storage sector, the service sector
remains the economy’s key player.
In prior years, growth was pushed up by the aggressive expansion and product
diversification of major telecommunication companies and investments in call
centers and business process outsourcing. The enormous rise in the number
of subscribers and increasing accessibility of internet and cable services
contributed much to the remarkable performance.
Statistics in 2014 showed growth of 6.2% in land transport, water transport,
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storage subsectors, and communication sector.
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Banking and finance
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The banking system consists of 36 universal and commercial banks, 69 thrift
banks, 543 rural and cooperative banks, and 12 non-banks with quasi banking
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functions.
In terms of assets, the banking sector has been growing steadily and non-
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performing loans ratios have declined, which further boosted the overall growth
of the finance sector. Interest rates and the value peso remain stable after
suffering from the 1997 Asian financial crisis.
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banking system is well-capitalized, with capital adequacy ratio well above the
international standard. The peso has continued to strengthen, after being named
as one of the top performing currencies in Asia in 2007.
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The Philippines passed the Anti-Money Laundering Act in 2001. The Act was
amended in 2003 to address the concerns of the Financial Action Task Force
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(FATF) that the Philippines might be still used for money laundering. The Act
was recently amended by Republic Act No. 10365 dated 13 February 2013,
which expanded the coverage of persons, natural or juridical, who are required
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to comply with the law, and activities considered unlawful. The Philippines
is now employing anti-money laundering policies and procedures in line with
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In this connection, in 2014, the Philippines enacted RA No. 10641 (An Act
Allowing the Full Entry of Foreign Banks in the Philippines, Amending for the
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Purpose Republic Act No. 7721), to allow additional foreign banks to apply in
the Philippines either as a branch or as a wholly owned subsidiary. RA 10641
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allows foreign government owned banks or foreign publicly listed banks to
acquire up to 100 percent of the voting stock of an existing domestic bank. In
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addition, it allows foreign banks to control up to a combined 40 percent of the
total assets of the banking system.
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The liberalization of the foreign banks law would increase the presence
of foreign banks in the Philippines. Currently, there are only 19 FBBs and
subsidiaries composed of the four FBBs originally granted access into the
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country prior to the 1994 liberalization, the 10 FBBs under R.A. No. 7721, and
the five foreign subsidiaries that entered via R.A. No. 7721.
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Services, in general
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The export of consultancy services is one area where the Philippines is considered
to have a competitive advantage.
Specific areas are: (a) information technology (IT); (b) computer software
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The value of the peso is PHP45.14 to a US$ (as of 18 June 2015), maintaining its
stability.
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Foreign trade
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The Philippines’ major exports include the following: (1) industrial
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manufactures like electronics, machineries, transport equipment apparatus and
parts; (2) consumer manufactures like garments and processed foods; and (3)
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resource-based products like coconut oil. Its major imports are capital goods and
intermediate goods like petroleum products and textile yarns.
While the Philippines is a net importing country, exports remain a major
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years.
Trade has been liberalized through, among others, the removal of quantitative
restrictions, the simplification of the tariff table, and the removal of other
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trade barriers. In its goal to progressively eliminate tariffs, the Philippines has
participated in various trade agreements, namely: ASEAN Free Trade Area
(AFTA); ASEAN-China Trade Area (ACFTA); ASEAN-Korea Free Trade Area
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Foreign investments
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in the region.
The government continues to dismantle investment restrictions to allow
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participation of foreign investors in most business activities subject to certain
conditions. For instance, domestic market enterprises (DMEs) to be fully owned
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by foreigners are required to have a minimum paid-up capital of US$200,000.
However, if the DMEs are engaged in activities involving advanced technology
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or directly employing at least 50 employees, the minimum paid-up capital is
US$100,000. Retailing has also been opened to foreign retail companies subject
to certain conditions.
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The total approved foreign direct investments, according to the data released
by the National Statistical Coordination Board (NSCB), was shown to be at
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PHP186.9 billion in 2014. Most of these investments were registered with the
Philippine Economic Zone Authority (PEZA), Board of Investments (BOI), Clark
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(CEZA).
Growth centers
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there are 209 IT Parks and Centers which have been proclaimed as IT Ecozones
by the President of the Philippines and are now registered with PEZA.
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In 2007, the government embarked on the actual implementation of its project
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on “industry clustering”. Clustering is the geographic concentrations of
interconnected business entities and support institutions, and encompasses an
array of linked industries and other entities important to competition. These
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may include suppliers of inputs, support facilities and service providers, and
providers of specialized infrastructures.
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Clustering is seen as an effective strategy in contributing to the attainment of
regional goals such as poverty alleviation and enhancing economic productivity,
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within the context of the regional development strategies.
The model industry clusters are: Vegetable Industry Cluster of Northern
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of CARAGA - Model Regional Cluster; and the eight industry clusters of the
Davao - Emerging cluster.
In view of the success of industry clusters in improving competitiveness of
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products and services in the regions, the National Industry Cluster Capacity
Enhancement Project (NICCEP) was launched in 2012. The NICCEP is a
three-year project funded by the Japan International Cooperation Agency and
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next country of destination. A 21-day “visa-free” stay may be extended. The first
extension is valid for 38 days. Succeeding extensions may be requested for one
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or two months. Non-restricted foreign nationals may also secure a visitor’s visa
valid for 59 days from the Philippine Embassy/Consulate located in the country
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of origin or residence.
Visiting restricted foreign nationals (generally referring to nationals of Arab
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countries, communist states, former communist states, and India) are not
allowed entry to the Philippines without a valid visitor’s visa issued by the
Philippine Embassy/Consulate located in their country of origin or residence for
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a maximum period of 59 days.
Holders of visitor’s visa may extend their authorized stay in the Philippines.
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Generally, visitor’s visa of restricted and non-restricted nationals can be
extended (on a monthly basis or every two months) provided that their total
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authorized period of stay will not exceed two years. In the case of restricted
nationals, their total aggregate stay is limited to only one year.
However, the Bureau of Immigration has recently relaxed its policy on restricted
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Generally, visitors are not allowed to work in the country without securing the
necessary Alien Employment Permit and Working Visa.
International time
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The Philippine time is eight hours ahead of Greenwich Mean Time (GMT) and
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thirteen hours ahead of US Eastern Standard Time (EST).
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Business hours
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Government and private offices are generally open from 8:00am to 5:00pm,
Mondays to Fridays, with lunch break from 12:00pm to 1:00pm. However,
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government agencies engaged in the delivery of critical frontline services and
public transactions are encouraged to operate a six-day work week from 7:00am
to 7:00pm, Mondays to Saturdays, continuously without a lunch break. Some
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private offices are also open on Saturdays. Generally, commercial banks transact
business from 9:00am to 3:00pm and savings banks from 9:00am to 5:00pm
Mondays to Fridays.
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Statutory holidays
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Metro Manila has a total of 38,749 available rooms in 392 accommodation
establishments. Makati with 64 establishments and 8,190 rooms was the
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highest. There are around 8,841accomodation establishments in the Philippines
with a total 202,797 rooms throughout the country.
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Apart from the hotel business centers which service the needs of foreign
businessmen, private companies also offer similar services in all urban centers.
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Cellular phones have substantially augmented existing landlines.
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Communications
Communication links within Metro Manila and key business areas are
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adequate.
The number of cellular mobile telephone service subscribers had grown
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tremendously to around 114 million in 2014. There were about 6.7 million total
landline connections as of 2011 according to the National Telecommunications
Commission. Meanwhile, mobile landline which was introduced in 2007, is
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Foreign investment policies,
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requirements, and incentives
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1. What requirements must be complied with before a
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foreign corporation can engage in business in the
Philippines?
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investor may file its application with the appropriate government agency
depending on the project’s location.
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Poro Point Freeport and Special Economic Zone
Cagayan Economic Zone 7/F Westar Building,
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Authority 611 Shaw Boulevard, 1630 Pasig City
www.ceza.gov.ph Telephone +63 (2) 636 5774
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Project location: Cagayan Special Economic Zone
Zamboanga Economic Zone San Ramon, Zamboanga City, 7000 Philippines
Authority Telephone +63 (62) 992 2012
www.zfa.gov.ph
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Project location: Zamboanga City Special Economic
Zone
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Aurora Pacific Economic Zone 1 Corporate Campus, Sitio Motiong, Brgy. Esteves
and Freeport Authority Casiguran, Province of Aurora
www.aurorapacific.com.ph Project location: Aurora Province
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Authority of the Freeport Area of 2/F AFAB Administration Building,
Bataan Freeport Area of Bataaan, Mariveles, Bataan
www.freeportareaofbataan.com Telephone +63 (47) 935 4009, +63 (47) 935 7551
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entity?
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With the liberalization of the foreign investments law, 100% foreign equity
may be allowed in all areas of investment except financial institutions
(whose liberalization was subject to certain conditions) and those included
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in the Tenth Regular Foreign Investment Negative List which took effect on
20 June 2015. This list includes:
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List A
List B
Areas that are security and defense related; those with adverse effects on
public health and morals; and for the protection of small-and medium-
scale enterprises, i.e., domestic market enterprises with paid-in capital of
less than the equivalent of US$200,000 and domestic market enterprises
which involve advanced technology or employ at least 50 Filipino direct
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employees, with paid-in capital of less than the equivalent of US$100,000.
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Please refer to Appendix II for the list.
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3. What is the general policy of the government regarding
foreign investments? Is this policy likely to change in the
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near future? C
The government encourages foreign investments which will provide
significant employment opportunities relative to the amount of the capital
being invested, improve productivity of resources, increase volume and
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value of exports, and provide a foundation for the future development of
the economy.
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A. BOI Incentives
An enterprise registered with the BOI pursuant to the 1987 Omnibus
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Fiscal incentives
i. Income tax holiday (ITH) for six years for pioneer firms and generally
four years for non-pioneer firms. If a non-pioneer firm is located in a
less developed area, it shall generally be entitled to six years ITH. Firms
locating within Metro Manila shall not be granted ITH unless they are:
• Within a government industrial estate;
• Service-type projects with no manufacturing facilities;
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infrastructure works (cannot be simultaneously enjoyed with the ITH
incentive)
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Non-fiscal Incentives
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Certain non-fiscal incentives are also available to registered enterprises,
among which are: employment of foreign nationals; guaranteed
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repatriation of foreign investments and earnings thereon; and importation
of consigned equipment for an unlimited period subject to posting of a re-
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export bond.
B. PEZA Incentives
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The Special Economic Zone Act of 1995, as amended, mandates the PEZA
to operate, administer, manage, and develop Special Economic Zones or
ecozones.
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Three other special economic zones were created under three separate
special laws. These are the Cagayan Special Economic Zone, the
Zamboanga City Special Economic Zone, and the Aurora Special Economic
Zone. In 2009, Congress passed a law converting the previously established
Bataan Economic Zone to the Freeport Area of Bataan. In 2010, the Aurora
Economic Zone has been expanded and developed to become the Aurora
Pacific Economic and Freeport Zone. Business enterprises locating in these
ecozones are granted incentives similar to those granted to PEZA ecozone
enterprises.
Isla Lipana & Co., PwC member firm 21
Enterprises operating within declared freeports/special economic zones
under Republic Act (RA) 7227, as amended by RA 9400 (i.e., Subic Bay
Freeport, Clark Freeport, Morong Freeport, John Hay Freeport, and Poro
Point Freeport) shall, in lieu of paying other taxes, pay a final tax of 5% of
gross income provided their income from the domestic market, i.e., sales
to customers located within the customs territory or outside the ecozone,
shall not exceed 30% of their income from all sources.
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In general, investment incentives are not transferable. However, investment
incentives are attached to the registered project and subject to certain
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qualifications, may be carried over from one owner to the next, at the
discretion of the incentives giving body. Tax credit certificates may be
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transferred subject to certain conditions.
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Economic Zone Authority/Other
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Investment Promotion Agencies
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Registration requirements, application
procedures, and approval
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1. How does our proposed project qualify for registration
with the BOI/PEZA/other Investment Promotion
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Agencies (IPAs)?
To qualify for registration with the BOI for incentive purposes, the
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account the risks and raw magnitude of investment.
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b. Enterprises engaged in preferred non-pioneer areas and exporting at
least 70% of their output.
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c. Projects in less-developed areas provided that the activities in all of the
above cases are not reserved for Philippine nationals under the Foreign
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Investment Negative List (FINL).
On the other hand, the projects that may qualify for registration with
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PEZA or other IPAs are those that involve manufacturing for export and
the domestic market, free trade, tourism, agri-industrial export, bio-fuel
manufacturing, information technology, utilities, facilities enterprises, and
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For PEZA or other IPA applicants, the usual problem consists of non-
compliance with some of the criteria set by PEZA or other IPAs and failure
to submit required documents and information.
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4. Assuming approval is obtained, what restrictions are
ordinarily attached?
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A list of general and specific terms and conditions is normally attached
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to the approval letter issued by the BOI/PEZA/other IPAs upon approval
of the application for registration. The general conditions include certain
management, financial, operational, and marketing restrictions which
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must be properly complied with so as to avoid grounds for cancellation
of registration. The specific terms and conditions which may include
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nationality, operational, and reporting requirements vary depending upon
the nature of the business enterprise.
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Commission
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Registration requirements and approval
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1. Why is it necessary to register with the SEC?
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The SEC is the government agency responsible for the registration,
licensing, regulation, and supervision of all corporations and partnerships
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Registration with the SEC grants the entity with the corporate franchise or
juridical personality to operate and transact business in the Philippines.
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Yes, the application for registration can be filed simultaneously, but the
approval of the application with the BOI/PEZA and other IPAs would be
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be subscribed and at least 25% of the subscription must be paid. However,
subscriptions by alien individuals or foreign entities must generally be fully
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paid, except in cases where the law provides for the specific amount of
paid-up capital.
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Inward remittance and registration of
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foreign investments, repatriation of
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capital, remittance of dividends
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1. Can foreign investment funds be inwardly remitted
outside of the banking system?
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BSP registration is necessary only if the investor wants to make sure that
the repatriation of capital and the remittance of dividends, profits, and
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earnings can be made using foreign exchange sourced from the banking
system. Otherwise, BSP registration is not necessary. All applications for
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registration of foreign direct investments must be filed with the BSP within
one (1) year from the date of inward remittance/actual transfer of assets to
the Philippines.
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investments are not regulated. Foreign investors are free to remit dividends
and profits from their own foreign exchange sourced from outside the
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domestic banking system. However, if the foreign exchange will be sourced
from the local banking system, there is a need for the foreign investments
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to have prior registration with the BSP (refer also to item 3 above).
Authorized Agent Banks (AABs) are authorized to sell and to remit the
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equivalent foreign exchange at the exchange rate prevailing at the time of
actual remittance (representing sales/divestment proceeds or dividends/
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profit of duly registered foreign investment) upon presentation of the
Bangko Sentral Registration Document (BSRD) and other applicable
documentary requirements.
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agreements, etc.
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IPO registration of technology transfer
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agreements, taxation of royalties and
service fees
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1. Can we charge royalties and similar fees?
Royalties and similar fees can be charged to operations provided payments
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for said fees are covered by a technology transfer agreement (TTA) which
conforms with the mandatory and restrictive provisions of the Intellectual
Property Code (IPC). Compliance of the TTA with the IPC requirements
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will not require the registration of the TTA with the Documentation,
Information and Technology Transfer Bureau (DITTB) of the Intellectual
Property Office (IPO).
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The non-conformity of the TTA with the IPC shall generally render the
TTA unenforceable. However, in certain exceptional and meritorious cases
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provided under the IPC, non-compliance with the IPC is allowed subject to
prior approval of the TTA by the IPO.
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The IPC provides certain restrictions in the terms and conditions of the TTA
particularly those that will adversely affect free competition and trade. It
also prescribes certain mandatory provisions that should be included in the
TTA.
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connection with the regular course of trade or business of the local paying
company.
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4. What constitutes “technology transfer arrangements”?
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“Technology transfer arrangements” refer to contracts or agreements
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involving the following: transfer of systematic knowledge for the
manufacture of a product or the application of a process; rendering of a
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service, including management contracts; and the transfer, assignment, or
licensing of all forms of intellectual property rights, including licensing of
computer software, except computer software developed for mass market.
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Within ten days from the filing of the request for certification of
compliance, the DITTB conducts a summary evaluation of the TTA. If the
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TTA conforms with the Prohibited Clauses and Mandatory Provisions of the
IPC, the DITTB issues a Certificate of Compliance. Otherwise, the DITTB
notifies the parties of any violation and requires them to comply with the
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Income and business taxes
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1. What are the income tax rates in the Philippines?
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The income tax rates depend upon the classification of the taxpayers.
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A. Individual taxpayers
i. In general, taxable income derived from employment, business, trade,
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PHP500,000.
ii. Minimum wage earners (those receiving “statutory minimum wage”)
shall be exempt from payment of income tax on their taxable income.
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within the Philippines if their stay within the country does not exceed
180 days in a calendar year. Otherwise, they are taxed on the basis of
graduated rates as in (i) above.
v. Aliens who are employed by regional or area or regional operating
headquarters of multinational corporations, offshore banking units,
and petroleum service contractors and subcontractors are subject to
income tax at 15% of their gross income from such employers (e.g.,
salaries, annuities, honoraria, and allowances).
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the company’s issued and outstanding shares exclusive of any treasury
shares or such higher percentage as may be prescribed by the SEC or
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PSE.
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vii. Likewise, there is a tax on shares of stock sold, exchanged, or otherwise
disposed through initial public offering at the rates of 1%, 2%, and
4%, depending on the proportion of the shares sold, exchanged, or
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otherwise disposed to the total outstanding shares after listing of the
shares of closely held corporations.
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viii. Capital gains on sale of real property are taxed at 6% of gross selling
price or fair market value, whichever is higher.
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ix. Passive income items like interest, dividends, royalties, prizes, and
other winnings are also taxed at different rates. For instance, dividends
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countries allow preferential rates of 10% on branch profit remittances
and on dividends. Such rate usually applies if the payor-subsidiary is
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registered with the BOI or if the beneficial owner of the dividends is a
company which holds a certain percentage of the capital of the payor
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subsidiary. Otherwise, the tax on dividends is 15% or 30%, whicever is
applicable.
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iv. All corporations, whether domestic or foreign, are subject to capital
gains tax on the sale of shares of stock in the same manner as
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individual taxpayers. Sale of lands and/or buildings treated as capital
assets by domestic corporations is likewise subject to capital gains tax
at 6% based on the gross selling price or fair market value, whichever
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is higher, of such lands and/or buildings.
Other income items such as interest and royalties are taxed at various
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its business operations, when the minimum income tax is greater than
the normal income tax for the taxable year.
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Any excess of the minimum corporate income tax over the normal
income tax as computed shall be carried forward and credited against
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the normal income tax for the three immediately succeeding taxable
years.
vi. Every corporation formed or availed of for the purpose of avoiding the
income tax with respect to its shareholders or the shareholders of any
other corporation by permitting earnings and profits to accumulate
instead of being divided or distributed, is taxed at the rate of 10% for
each taxable year on the improperly accumulated taxable income.
vii. In general, an employer (individual or corporation) shall pay a final tax
of 32% on the grossed-up monetary value of fringe benefit furnished or
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interest income to capital gains, among others, under RA 9182 as
amended by RA 9343.
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x. Real Estate Investment Trusts (REIT) which refer to domestic
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corporations established principally for the purpose of owning income-
generating real-estate, are subject to the corporate income tax rate
of 30% but are allowed to claim as deduction from taxable income
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the dividends distributed to shareholders under RA 9856, subject
to certain conditions. REITs are also exempt from the 2% minimum
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corporate income tax.
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2. What business taxes are we subject to?
Both the national government and the local government impose business
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Excise tax is imposed on alcohol, tobacco, petroleum, and mineral
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products, automobiles, jewelry, etc., at varying rates.
The excise tax imposed on diesel fuel oil, kerosene, and bunker fuel oil
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is 0%, while locally extracted natural gas and liquefied natural gas are
exempt.
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iv. Documentary stamp tax on certain documents, instruments, and
related transactions such as issuance of shares of stock, evidence of
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indebtedness, transfer of real property, lease contracts, insurance
policies, etc.
B. Local tax on certain businesses
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the rates are 50% lower. Retailers are subject to 2% tax if their gross
sales/receipts are PHP400,000 or less and to 1% tax if in excess of
PHP400,000.
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ii. Banks and other financial institutions – local business tax at rates not
exceeding 0.5% for municipalities and 0.75% for cities of their gross
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Aside from the above business taxes, there are other taxes levied by
local government units such as real estate tax and community tax.
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b. There are generally fewer formalities involved in opening a branch than
incorporating a subsidiary.
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c. In terms of staffing, a subsidiary normally requires a complete set of
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corporate officers; whereas a branch is able to operate with only a
resident agent, who may also be the general manager, as its officer.
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d. Since a subsidiary has a separate juridical personality, a foreign parent
company is protected from contractual and other liabilities incurred
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by its Philippine subsidiary; whereas the liabilities of the branch office
extend to that of its home office.
e. A branch is allowed to claim as deduction for income tax purposes,
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tax rates?
A tax treaty is designed primarily to minimize, if not totally eliminate,
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Foreign equity, control, officers and
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directors, applicable tax policies
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1. If we enter into a joint venture with Philippine investors,
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will the SEC allow us to hold 51% or more of its equity?
The SEC will allow foreign equity in excess of 50% provided the area of
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In general, control of an enterprise goes to the group which has the power
to determine its policies and the manner in which the enterprise is to be
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construction project or engaging in petroleum operations is not subject to
the corporate income tax. Only the joint venture partners will be taxed on
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their respective shares.
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Foreign equity, control, officers and
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directors, applicable tax policies
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o.
1. Can foreign investors engage in retail trade in the
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Philippines?
Yes. The Retail Trade Liberalization Act (RA 8762) which took effect on 26
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March 2000 paved the way for the entry of foreign participants who meet
the capitalization, net worth, and other requirements under the Act.
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corporation, for those that want to establish enterprises under
Categories B and C, and net worth of at least fifty million US dollars for
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Category D;
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b. Ownership of at least five retail stores or franchises anywhere in the
world or at least one branch with minimum capitalization of twenty-five
million US dollars;
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c. Five-year track record in retailing; and
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d. The foreign retailer’s home country offers reciprocity rights to Filipino
retailers.
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Foreign and domestic credit
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1. Can we finance our project through foreign borrowings?
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The government prefers foreign equity investments to foreign borrowings.
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In general, foreign borrowings require prior approval of and/or registration
with the BSP in order that repayment of principal and remittance of
interest may be serviced using foreign exchange purchased from the
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Philippine banking system. Under present rules, loans that may qualify for
prior BSP approval/registration are those intended to finance the following
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types of projects:
a. Export-oriented projects;
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b. BOI-registered projects;
c. Projects listed in the Investments Priorities Plan;
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Authority or by Congress.
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All the above loans, regardless of maturity, shall exclusively finance foreign
exchange requirements of eligible projects, provided that loans of direct
and indirect exporters and public sector borrowers may finance both
foreign exchange costs and up to 50% of the total peso costs component
of their respective projects. Foreign companies may also resort to
peso borrowings only upon prior certification by the BSP Inter-Agency
Committee that they meet the guidelines prescribed by the Monetary
Board. Foreign loans which may have been sourced without prior BSP
approval shall be reported just the same to the BSP otherwise, appropriate
sanctions may be meted out.
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Yes. A foreign company can borrow from a private individual or private
non-financial institution.
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1. Could you give some basic guidelines on living/business
expense?
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a. Salary rates for office/administrative staff?
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Functional Areas
Job Level Information Human Finance/ Production/
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Sales Marketing
Technology Resources Accounting Operations
Assistants/ 17,827.53 18,215.30 20,103.93 21,426.33 17,170.65 18,878.57
Rank-and-
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File
Officers/ 32,380.89 30,038.24 29,304.73 26,875.43 28,736.55 28,920.80
Specialists
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Heads/ Top
Executive
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b. Rentals for office space in Makati?
Based on the 1st quarter comparative office rental rates for 2012, the
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monthly rental of office spaces in Makati ranges from PHP720 to PHP900
per square meter for Premium facilities, PHP430 to PHP830 per square
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meter for Grade A facilities, and PHP400 to PHP455 per square meter for
Grade B facilities.
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c. Rentals for housing of expatriate executives?
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Lodging Houses/Pension Houses US$5 to US$25 per day
and Motels
Hotel US$40 to US$250 per day
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per month.
Houses in villages: The main The monthly rentals for the houses in these
residential areas in Metro Manila villages range from PHP150,000 to PHP500,000.
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where foreigners may look for Modern houses with spacious lawns and
houses are in Makati - Forbes Park, swimming pools will fall under the higher rental
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San Lorenzo, Urdaneta, Bel-air, San range. A deposit is generally required and may
Miguel, Dasmariñas; in Ortigas - range from the equivalent of six months to two
Greenhills, Valle Verde, Corinthian; years rental. Payment of association fees may be
and in Ayala Alabang. required depending on the village.
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The annual school fees for an equivalent US standard school start from
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US$5,000 approximately for 3-year old nursery program. Other schools
offering high standards of education but charging lower tuition fees of
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around PHP70,000 annually are also available.
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2. How easily can work permits be obtained for expatriate
executives?
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Work permits and working visas can be easily obtained provided the
requirements are complied with. Applications for Alien Employment
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Permits are filed with the Department of Labor and Employment
(DOLE), while applications for working visas are filed with the Bureau of
Immigration (BI). The Alien Employment Permit is required before aliens
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are granted working visas by the BI. Some of the documents required are:
a. Curriculum vitae;
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Malate, Manila
Telephone Number +63 (2) 400 6011, 303 0364
DOLE – Manila Muralla corner Gen. Luna Streets
Intramuros 1002 Manila
DOLE hotline: +63 (2) 527 8000
Bureau of Immigration Bureau of Immigration Building
Magallanes Drive, Intramuros, Manila
Telephone Numbers +63 (2) 523 6615, 524 3769,
527 3248
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4. May expatriate executives receive their compensation in
foreign currencies?
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Yes. They may receive their compensation in foreign currencies. However,
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this compensation will still be included in their Philippine taxable income,
where such compensation is attributable to their Philippine based
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employment.
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5. Will the expatriates be allowed to convert into foreign
currency any excess pesos that they may have upon
termination of their assignment?
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Yes. Expatriates will be allowed to convert into foreign currency any excess
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Yes, stock trading is held in the Philippine Stock Exchange from Mondays
to Fridays. Trading is limited to securities approved and registered with the
SEC.
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stocks.
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GNP/GDP by industrial origin and
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sectoral growth rates
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Annual 2014-2015
(at constant 2000 prices)
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Industry Annual (2013-2014) 1st quarter 2015
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Tenth regular foreign investment negative
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list (EO 184 series of 2015)
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List A: Foreign ownership is limited by mandate of the
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constitution and specific laws
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No Foreign Equity
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e. Law (Art VIII, Section 5 of the constitution; Rule 138, Sec. 2 of the
Rules of Court of the Philippines
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3. Retail trade enterprises with paid-up capital of less than US$2.5 million
(Section 5 of RA 8762)2
4. Cooperatives (Chapter III, Article 26 of RA 6938)
5. Private security agencies (Section 4 of RA 5487)
1 Foreigners are now allowed to practice certain professions previously limited to Filipino citizens (e.g., engineering,
medicine, accountancy, architecture, interior design, etc.) provided their country allows Filipinos to be admitted to
the practice of these professions.
2 Full foreign participation is allowed for retail trade enterprises: (a) with paid-up capital of US$2,500,000 or more
provided that investments for establishing a store is not less than US$830,000; or (b) specializing in high end or
luxury products, provided that the paid-up capital per store is not less than US$250,000 (Sec. 5 of RA 8762).
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10. Manufacture, repair, stockpiling and/or distribution of biological,
chemical, and radiological weapons and anti-personnel mines (various
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treaties to which the Philippines is a signatory and conventions supported
by the Philippines)3
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11. Manufacture of firecrackers and other pyrotechnic devices (Section 5 of RA
7183)
of PD 442)
14. Contracts for the construction and repair of locally funded public works
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3 Domestic investments are also prohibited (Article II, Sec. 8 of the Constitution: Conventions/Treaties to which the
Philippines is a signatory)
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and mission boards (Art. XIV, Sec. 4 of the Constitution)8
21. Culture, production, milling, processing, trading (except retailing), and
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acquiring, by barter, purchase or otherwise, rice and corn and their by-
products (Section 5 of PD 194)9
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22. Contracts for the supply of materials, goods, and commodities to
government-owned or controlled corporation, company, agency or
municipal corporation (Section 1 of RA 5183)
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23. Facility operator of an infrastructure or a development facility requiring a
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public utility franchise [Article XII, Section 11 of the Constitution; Section
2(a) of RA 7718]
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24. Operation of deep sea commercial fishing vessels (Section 27 of RA 8550)
25. Adjustment companies (Section 323 of RA 10607 amending PD 612)
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4 Lending companies regulated by SEC are allowed to have up to 49% foreign equity participation (Sec. 6 of RA
9474). Financing companies and investment houses regulated by SEC are allowed to have up to 60% foreign equity
participation (Sec. 6 of RA 5980 as amended by RA 8556; PD 129 as amended by RA 8366).
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5 Full foreign participation is allowed through financial or technical assistance agreement with the President (Art. XII,
Sec. 2 of the Constitution)
6 The participation of foreign investors in the governing body of any public utility enterprise shall be limited to their
proportionate share in its capital, and all the executive and managing officers of such corporation or association
must be citizens of the Philippines (Article XII, Section 11 of the Constitution).
7 A ‘public utility” is a business or service engaged in regularly supplying the public with some commodity or service
of consequence such as electricity, gas, water, transportation, telephone or telegraph service (Supreme Court ruling
on JG Summit Holdings vs. Court of Appeals, et al., September 24, 2003. Power generation and the supply of
electricity to the contestable market are not considered as public utility operation (Sec. 6 and Sec. 29, respectively,
of RA 9136).
8 Control and administration of educational institutions shall be vested in citizens of the Philippines (Art. XIV, Sec.
4(2) of the Constitution).
9 Full foreign participation is allowed provided that within the 30-year period from start of operation, the foreign
investor shall divest a minimum of 60 percent of their equity to Filipino citizens (Sec. 5 of PD 194; National Food
Authority (NFA) Council Resolution No. 193 s. 1998)
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manufacture of firearms
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b. Gunpowder
c. Dynamite
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d. Blasting Supplies
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e. Ingredients used in making explosives:
i. Chlorates of potassium and sodium
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ii. Nitrates of ammonium, potassium, sodium barium, copper (11),
lead (11), calcium, and cuprite
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vii. Glycerol
viii. Amorphous phosphorus
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xi. Toluene
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f. Telescopic sights, sniper scope, and other similar devices. However, the
manufacture or repair of these items may be authorized by the Chief
of the PNP to non-Philippine nationals; Provided that a substantial
percentage of output as determined by the said agency, is exported.
Provided further that the extent of foreign equity ownership allowed
shall be specified in the said authority/clearance (RA 7042 as amended
by RA 8179)
2. Manufacture, repair, storage and/or distribution of products requiring
Department of National Defense (DND) clearance:
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g. Combat vessels (air, land, and naval) and auxiliaries
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h. Weapons repair and maintenance equipment
i. Military communications equipment
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j. Night vision equipment
k. Stimulated coherent radiation devices, components, and accessories
l. Armament training devices
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m. Others as may be determined by the Secretary of the DND
4. Sauna and steam bathhouses, massage clinics, and other like activities
regulated by law because of risk posed to public health and morals
(RA7042 as amended by RA 8179)
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Income tax rates for special corporations
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Entity Rate Taxable base
International carriers 2.5% Gross Philippine Billings originating
from the Philippines
Nonresident foreign corporation 30%
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Gross income from Philippine
sources
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Nonresident owner or lessor of 7.5% Gross rentals or fees
aircraft, machinery, and other
equipment
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Note: Reinsurance premiums are exempt.
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Philippine tax treaties in force
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as of May 2015
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Country
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Effectivity
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Australia 1 January 1980
Austria 1 January 1983
&
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Malaysia 1 January 1985
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Netherlands 1 January 1992
New Zealand 1 January 1981
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Nigeria 1 January 2014
Norway 1 January 1998
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(Protocol amending the Convention) 1 January 1998
Pakistan 1 January 1979
Poland
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1 January 1998
Romania 1 January 1998
Russia 1 January 1998
&
Northern Ireland
United States of America 1 January 1983
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Islands Republic
Albania Iraq
Bulgaria Dutch Caribbean
Algeria Ireland
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Cambodia Ecuador
Angola Isle of Man
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Cameroon Egypt
Antigua Israel
Canada El Salvador
Argentina Italy
Armenia
Cape Verde
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Equatorial Guinea
Jamaica
Cayman Islands
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Estonia
Aruba Japan
Central America Finland
Australia Jordan
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Chad France
Austria Kazakhstan
Channel Islands Gabon
Azerbaijan Kenya
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Chile Georgia
Bahamas Korea
China Germany
Bahrain Kosovo
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Colombia Ghana
Barbados Kuwait
Congo Gibraltar
Belarus Laos
(Brazzaville)
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Greece
Belgium Latvia
Congo (Dem.
Guatemala
Bermuda Rep.) Lebanon
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Guinea
BES Islands Costa Rica Libya
Honduras
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Guinea
Malaysia Switzerland
Paraguay
Maldives Taiwan
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Peru
Malta Tanzania
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Philippines
Mauritius Thailand
Poland
Mexico Trinidad and
Middle East
Portugal
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Tobago
region Qatar
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Tunisia
Moldova Romania Turkey
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Monaco Russia Uganda
Mongolia Rwanda Ukraine
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United Kingdom
Myanmar Serbia
United States
Namibia Singapore
Uruguay
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Netherlands Slovakia
Uzbekistan
New Caledonia Slovenia
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Venezuela
New Zealand South Africa
Vietnam
Nicaragua Spain
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Main
Metro Manila
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Address
29th Floor Philamlife Tower
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8767 Paseo de Roxas 1226, Makati City
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Telephone
+63 (2) 845 2728
Facsimile
+63 (2) 845 2806 o.
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Mail address
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P.O. Box 2288 Manila
E-mail address
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markets@ph.pwc.com
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Branch
Cebu City
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Address
Keppel Center, Unit 1001-B
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Telephone
+63 (32) 231 6464; 233 5020
Facsimile
+63 (32) 233 9615
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Ma. Lourdes P. Lim
+63 (2) 459 2016
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malou.p.lim@ph.pwc.com
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Ma. Fedna B. Parallag
+63 (2) 459 3109
fedna.parallag@ph.pwc.com
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Lawrence C. Biscocho
+63 (2) 459 2007
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lawrence.c.biscocho@ph.pwc.com
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Carlos T. Carado II
+63 (2) 459 2020
carlos.t.carado@ph.pwc.com
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www.pwc.com/ph
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