December 12, 2019
SEC-OGC OPINION NO. 58-19
RE: FOREIGN EQUITY OWNERSHIP
Bulalacao, Sancio, and Bulalacao-Sancio Law Office
Room 203, STG Building,
190 P. Tuazon Blvd.,
Cubao, Quezon City
Attention: Atty. Benjamin B. Bulalacao
Atty. Bulalacao :
This refers to your letter dated 28 July 2018 requesting for an opinion on whether or not your client, "Media Gadgets International, Inc." (MGI), is compliant with the foreign equity limit provided for by our Constitution and other relevant laws.
A perusal of the Articles of Incorporation which you submitted shows that MGI is engaged "in the business of importing, buying, selling, distributing, marketing at wholesale insofar as may be permitted by law, all kinds of goods such as audio, video component wares and merchandise of every kind and description, to enter into all kinds of contracts for the export,import, purchase, acquisition, sale at wholesale and other disposition for its own account as principal or in representative capacity or as agents, upon consignment of all kinds of goods, wares, merchandise, or products whether natural or artificial."
In your letter, you stated that MGI has five (5) incorporators, four (4)...
