Revised Guidelines on Securities Deposit of Branch Offices of Foreign Corporations

July 31, 2019SEC MEMORANDUM CIRCULAR NO. 17-19REVISED GUIDELINES ON SECURITIES DEPOSIT OF BRANCH OFFICES OF FOREIGN CORPORATIONSSECTION 1.  Policy Statement. —Pursuant to Section 143 of the Revised Corporation Code of the Philippines, the Commission resolved to adopt this set of guidelines to provide reasonable assurance that branch offices of foreign corporations duly licensed to do business in the Philippines shall be able to settle their obligations incurred within the Philippines, and to ensure their compliance with investment requirements. HTcADCSECTION 2.  Coverage and Schedule of Posting. —This Circular shall apply to all branch offices of foreign corporations duly licensed to do business in the Philippines that are mandated to deposit securities with the Commission in accordance with the following schedule:a.  Within 60 days after the issuance of its SEC license, securities with an actual market value of at least P500,000.00;b.  Additional securities shall be deposited within six months after the end of the fiscal year indicated in the Financial Statements (FS) in the following situations:i.  If the licensee's gross income within the Philippines for that fiscal...