December 13, 2019
SEC-OGC OPINION NO. 59-19
RE: FOREIGN PARTICIPATION IN TRAVEL AND TOUR BUSINESS AND RETAIL TRADE
Jovellanos-Kho Malcontento and Associates Law Offices
Satellite Branch, Units 183-185
2nd Floor, Cluster D, Blue Bay Walk
Macapagal Blvd., Pasay City
Attention: Atty. Mark Gjefferson E. Pabalate
Senior Litigator
Dear 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; and
4. In the alternative, whether foreign nationals could take the position of President and/or Treasurer in a corporation engaged...