Re: Foreigner in a Partially-Nationalized Corporation and the Anti-Dummy Law

March 13, 2019SEC-OGC OPINION NO. 10-19RE: FOREIGNER IN A PARTIALLY-NATIONALIZED CORPORATION AND THE ANTI-DUMMY LAWMartinez Vergara Gonzalez & Serrano3rd Floor, the Orient SquareF. Ortigas, Jr., RoadOrtigas Center1600 Pasig CityAttention: Atty. Mark O. Vergara, Atty. Gino Paulo O. UyAtty. Kathleen Mae C. TuasonGentlemen :This refers to your letter dated 25 June 2018 requesting confirmation from the Commission that the business activities that Green Siam Resources Corporation (the Company) is authorized to engage in are not reserved, wholly or partially, to Philippine nationals under the Constitution, existing law, or the Foreign Investment Negative List (FINL) and that accordingly, the Company is not under the purview of the Anti-Dummy Law. As you mentioned, the Articles of Incorporation of the Company states that its primary purpose is "to engage in the business of baling and trading on a wholesale basis, all types of non-toxic recyclable industrial materials such as but not limited to paper, carton, plastic, textile, wooden scrap and all types of metals." The Company is 60%-owned by Greenkraft Corporation, a domestic corporation, and 40%-owned by SCG Trading...