July 22, 2019
SEC-OGC OPINION NO. 27-19
RE: FOREIGN OWNERSHIP LIMIT; FOREIGN INVESTMENT ACT
Now Corporation
Unit 5-I, 5th Floor, OPL Building
100 C. Palanca Street, Legazpi Village
Makati City, 1229
Attention: Miguel Antonio S. Regal
Compliance Officer
Mr. Regal,
This refers to your letter dated July 31, 2018 requesting an opinion regarding the foreign investment limit of NOW Corporation ("NOW Corp."). HTcADC
As stated in your letter, NOW Corp. is a duly organized corporation under the laws of the Philippines and based on its Articles of Incorporation, its primary purpose is as follows —
"To engage in the business of providing telecommunications, media and information technology products and services, such as but not limited to the research, development, production, management, marketing and operation of the following: telecommunications value added services through companies duly licensed to engage in wired and wireless, fixed and mobile communications; software and hardware technology, business process outsourcing, call center, and other information technology applications; digital media and other media except mass media; and to do all activities directly and indirectly connected therewith or incident thereto."
In view thereof, you raised the following queries:
1....
