Wholly or Partly Nationalized Activity; Anti-Dummy Law

August 28, 2019SEC-OGC OPINION NO. 29-19WHOLLY OR PARTLY NATIONALIZED ACTIVITY; ANTI-DUMMY LAWAmbica International Corporation9 Amsterdam Extension, Merville ParkSubdivision, Parañaque CityAttention: Atty. Gener C. Sansaet and Atty. Marie Madeleine L.R. VictorinoCounsels for Ambica International CorporationGentlemen :This refers to your letters dated 20 March 2019 and 30 July 2019 requesting an opinion on whether Ambica International Corporation ("Ambica") is engaged in a wholly or partly nationalized activity under the Foreign Investments Act 1 ("FIA") and other applicable laws, and whether it is covered by the Anti-Dummy Law. 2 HTcADCIn your letter, you stated that Ambica is primarily engaged in the importation and trading of pharmaceutical products, cosmetics and food products with paid up capital of Php63,500,000.00. It is further disclosed that Ambica's customers are as follows: 1. Distributors — top local pharmaceutical companies from various regions with their own sales and marketing force; 2. Chain drugstores; 3. Hospitals — both private and government; 4. Wholesalers — top wholesalers who sell to independent drugstores; 5. Independent drugstores; and 6. Private and Government institutions.To determine whether Ambica is engaged...