Re: Foreign Participation in Travel and Tour Business and Retail Trade

December 13, 2019SEC-OGC OPINION NO. 59-19RE: FOREIGN PARTICIPATION IN TRAVEL AND TOUR BUSINESS AND RETAIL TRADEJovellanos-Kho Malcontento and Associates Law OfficesSatellite Branch, Units 183-1852nd Floor, Cluster D, Blue Bay WalkMacapagal Blvd., Pasay CityAttention: Atty. Mark Gjefferson E. PabalateSenior LitigatorDear Sir :This is in response to your letter dated 12 July 2018 requesting the opinion of the Commission on the following queries:1. Whether incorporators of a corporation engaged in a travel and tour business, which is not engaged in any nationalized business or activity, with 40% foreign equity and 60% Filipino equity, are required to comply with the residency requirement under the Revised Corporation Code ("RCC"); 2. If the answer to No. 1 is in the affirmative, is there a requirement for the foreign incorporators to provide proof of residency and if so, what are these proofs of residency;3. Whether foreign nationals could occupy the position of President and/or Treasurer in the afore-said travel and tour business; and4. In the alternative, whether foreign nationals could take the position of President and/or Treasurer in a corporation engaged...