3/11/2017 PresidentialDecreeNo.

715:PHILIPPINELAWS,STATUTESandCODES:CHANROBLESVIRTUALLAWLIBRARY

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PHILIPPINELAWS,STATUTESandCODES:CHANROBLESVIRTUALLAWLIBRARY

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PRESIDENTIAL DECREES

CLICKHEREFORTHELATESTPHILIPPINELAWS,STATUTES&CODES

MALACAANG
Manila

PRESIDENTIALDECREENo.715May28,1975

AMENDINGCOMMONWEALTHACTNO.108,ASAMENDED,OTHERWISEKNOWNAS"THEANTIDUMMYLAW"

WHEREAS,therehavebeenconflictinginterpretationsastowhetherSec.2AofCommonwealthActNo.108,asamended,otherwiseknownastheAntiDummy
Law,allowsalienstobecomemembersoftheboardofdirectorsorgoverningbodyofcorporationsorassociationsengaginginpartiallynationalizedactivities

WHEREAS,itisfairandequitableandinlinewiththeconstitutionalpolicyexpressedinArticleXIV,Sec.5oftheConstitution,thatforeigninvestorsbeallowed
limitedrepresentationinthegoverningboardorbodyofcorporationsorassociationsinproportiontotheirallowableparticipationintheequityofthesaidentities

NOW,THEREFORE,I,FERDINANDE.MARCOS,PresidentofthePhilippines,byvirtueofthepowersvestedinmebytheConstitution,doherebyorderand
decree:

Section1.Sec.2AofCommonwealthActNo.108,asamended,isherebyfurtheramendedtoreadasfollows:

"Sec.2A.Anyperson,corporation,orassociation,which,havinginitsnameorunderitscontrol,aright,franchise,privilege,propertyorbusiness,theexerciseor
enjoyment of which is expressly reserved by the Constitution or the laws to citizens of the Philippines or of any other specific country, or to corporations or
associationsatleastsixtypercentumofthecapitalofwhichisownedbysuchcitizens,permitsorallowstheuse,exploitationorenjoymentthereofbyaperson,
corporationorassociationnotpossessingtherequisitesprescribedbytheConstitutionorthelawsofthePhilippinesorleases,orinanyotherway,transfersor
conveys said right, franchise, privilege, property or business to a person, corporation or association not otherwise qualified under the Constitution, or the
provisionsoftheexistinglawsorinanymannerpermitsorallowsanyperson,notpossessingthequalificationsrequiredbytheConstitution,orexistinglawsto
acquire,use,exploitorenjoyaright,franchise,privilege,propertyorbusiness,theexerciseandenjoymentofwhichareexpresslyreservedbytheConstitutionor
existinglawstocitizensofthePhilippinesorofanyotherspecificcountry,tointerveneinthemanagement,operation,administrationorcontrolthereof,whetheras
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3/11/2017 PresidentialDecreeNo.715:PHILIPPINELAWS,STATUTESandCODES:CHANROBLESVIRTUALLAWLIBRARY
anofficer,employeeorlaborerthereinwithorwithoutremunerationexcepttechnicalpersonnelwhoseemploymentmaybespecificallyauthorizedbytheSecretary
ofJustice,andanypersonwhoknowinglyaids,assists,orabetsintheplanning,consummationorperpetrationofanyoftheactshereinaboveenumeratedshallbe
punishedbyimprisonmentfornotlessthanfivenormorethanfifteenyearsandbyafineofnotlessthanthevalueoftheright,franchiseorprivilegeenjoyedor
acquiredinviolationoftheprovisionshereofbutinnocaselessthanfivethousandpesos:Provided,however,thatthepresident,managersorpersonsinviolating
theprovisionsofthissectionshallbecriminallyliableinlieuthereof:Provided,further,Thatanyperson,corporationorassociationshall,inadditiontothepenalty
imposedherein,forfeitsuchright,franchise,privilegeandthepropertyprovisionsofthisActandProvided,finally,Thattheelectionofaliensasmembersofthe
boardofdirectorsorgoverningbodyofcorporationsorassociationsengaginginpartiallynationalizedactivitiesshallbeallowedinproportiontotheirallowable
participationorshareinthecapitalofsuchentities.

Sec.2.ThisDecreeshalltakeeffectimmediately.

DONEintheCityofManila,this28thdayofMay,intheyearofOurLord,nineteenhundredandseventyfive.

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