July 24, 2017
SEC-OGC OPINION NO. 07-17
RE: FOREIGN EQUITY LIMITATION
Gorriceta Africa Cauton & Saavedra
15/F Strata 2000
F. Ortigas Jr. Road, Ortigas Center
Pasig City 1605
Attention: Atty. Mark S. Gorriceta
Atty. Michael Angelo A. Villamor
Atty. Kristine T. Torres
Atty. Ceasario Rex P. Kapunan
Gentlemen :
This refers to your letter dated 19 August 2016 requesting for confirmation on the applicable foreign equity limitation to your client, Audiowav Media, Inc. ("Audiowav"), taking into consideration its business model and commercial arrangements with third parties.
In your letter you mentioned that Audiowav is a domestic corporation that provides technology solutions by using its proprietary platform to assist businesses and companies in creating and designing their customized branding environment. In connection with this, you stated that Audiowav provides the following products/services:
(a) WavSight — Through WavSight, Audiowav offers digital media signages which give clients the ability to manage their digital screens from a central location. This includes the online WavSight device which contains a slideshow and compilation of a client's production in video format. There is an option to include as an add-on the placement and promotion of...
