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A Q&A guide to joint ventures law in the Philippines.
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The Q&A gives a high level overview of joint ventures law, including regulation of
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corporate joint ventures are subject to the corporate law, formalities for
formation and registration of joint ventures, statutory limits on duration, anti-
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Regulation
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{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Instead, courts apply general contract law and the law on partnerships to JVs to
delineate the rights and liabilities of the JV and its component parties
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(Aurbach v Sanitary Wares Manufacturing Corporation, GR No. 75875, 15 December
1989)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A JV can be regarded as a partnership based on the definition of partnership (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Article 1767, Civil Code
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
) as two or more persons contributing money, property, or industry to a common
fund, with the intention of dividing the profits among themselves.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
While a corporation has no power to enter into a partnership, it can validly enter
into a JV agreement where the nature of that venture is in line with the business
authorised by its charter
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(Supreme Court in Tuason vs. Bolanos, G.R. No. L-4935, 28 May 1954)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
For the purposes of the Competition Act, a JV is defined as a business arrangement
by which an entity or group of entities contribute capital, services, assets, or a
combination of them to undertake an investment activity or a specific project,
where each entity has the right to control the policies of the activity or project,
with the intention of sharing profits, risks and losses subject to agreement by the
entities
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(Rule 2, Section (i), Implementing Rules and Regulations of the Philippine
Competition Act)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
An \ldblquote entity\rdblquote is defined as any natural or legal person, sole
proprietorship, partnership, combination or association in any form, whether
incorporated or not, domestic or foreign, including those owned or controlled by
the government, engaged directly or indirectly in any economic activity
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(Rule 2, Section (h), Implementing Rules and Regulations of the Philippine
Competition Act)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
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Types
\par
}
}
}{
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{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q2_1}{\*\bkmkend co_anchor_W_q2_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a521886_1}{\*\bkmkend co_anchor_a521886_1}
\par
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{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
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{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
2.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Which types of JV are allowed?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Contractual and corporate JVs are both allowed.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Contractual joint ventures
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Contractual JVs are established by a private contract between the parties, without
the need to register with the Securities and Exchange Commission (SEC). The basic
requirements for a contractual JV are:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls1
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls1 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The authority to enter into a partnership is expressly conferred by the charter or
the articles of incorporation of the corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls2 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls2
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The nature of the business venture to be undertaken by the partnership is in line
with the business authorised by the charter or articles of incorporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls3 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls3
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
If it is a foreign corporation, it must obtain a licence to transact business in
the country in accordance with the Corporation Code of the Philippines (SEC-OGC
Opinion No. 16-22)
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Contractual JVs do not have a legal personality separate from the JV members.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Corporate joint ventures
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Corporate JVs are undertaken by the formation of a new domestic corporation that
must be licensed by the SEC. The co-venturers must subscribe to, and pay up, a
certain percentage in the capital stock of the JV company.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Both contractual and corporate JVs are treated by Philippine tax law as corporate
taxpayers for purposes of corporate income tax. However, a JV or consortium formed
for the purpose of undertaking construction projects or engaging in petroleum,
coal, geothermal and other energy operations pursuant to an operating or consortium
agreement under a service contract with the Government is not separately taxed as a
corporate taxpayer
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(section 22(B) of the National Internal Revenue Code of 1997)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The dividends received by a domestic corporation or a resident foreign corporation
from a domestic corporation (in this case, the JV company) are not subject to
Philippine tax
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(section 27(D)(4) and section 28(A)(7)(d), National Internal Revenue Code 1997)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
. The same dividends received by a non-resident foreign corporation are subject to
a final withholding tax of 15%, subject to certain conditions
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(section 28(A)(5)(b), National Internal Revenue Code 1997)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
or to applicable tax-sparing treaties.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
{\trowd \lastrow \trleft0
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\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
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{\b0 \cf1 \f5 \i0 \fs20
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3.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What are the principal corporate/company laws governing corporate JVs?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The formation of corporate JVs is governed by the Corporation Code. The Securities
and Exchange Commission (SEC) licences and regulates corporate JVs.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Formation and registration
\par
}
}
}{
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\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
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\intbl
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{\b0 \cf5 \f5 \i0 \fs20
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{\*\bkmkstart co_anchor_a284857_1}{\*\bkmkend co_anchor_a284857_1}
\par
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{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
4.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What are the typical JV founding documents for a corporate JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The corporate JV is created like an ordinary domestic corporation.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The charter documents of a corporate JV are its articles of incorporation and bye-
laws which must both be approved by the Securities and Exchange Commission (SEC).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The articles of incorporation must specify the following:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls4
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls4 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Name of the corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls5 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls5
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Specific purpose/s for which the corporation is being incorporated.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls6 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls6
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Place in the Philippines where the principal office will be located.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls7 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls7
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Term of the corporation, which must not exceed 50 years.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls8 \pnindent0 \pnf1 {\f2 \pntxtb
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{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Names of at least five individual incorporators, the majority of whom must be
residents of the Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls9 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls9
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
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{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Names of directors, not less than five and not more than 15, a majority of whom
must also be residents of the Philippines and who must each own at least one share
of stock of the corporation, who must act until the first set of directors has been
duly elected and qualified.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls10 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls10
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Name of a treasurer-in-trust.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls11 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls11
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Amount of the corporation\u8217\'3fs authorised capital stock, in local currency,
the number of shares into which it is divided, and if the shares are par value
shares, the par value of each, the names, nationalities and residences of the
original subscribers, and the amount subscribed and paid by each on subscription.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
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{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q5_1}{\*\bkmkend co_anchor_W_q5_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a268409_1}{\*\bkmkend co_anchor_a268409_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
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{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
5.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Is the use of foreign language in a JV\rquote s founding documents (both corporate
and contractual) restricted?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
English and Filipino are the official languages for communication. Official
documents, commercial contracts and court pleadings are written in English.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
There are no restrictions for the language of the founding documents although
English is preferred. However, if the language of the document is an unofficial
language, the SEC will require a notarised English translation, duly authenticated
in the Philippine embassy or consulate with jurisdiction over the place of
execution. Further, in litigation, such a document will not be admitted as evidence
unless accompanied by a translation into English or Filipino.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
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\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
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{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q6_1}{\*\bkmkend co_anchor_W_q6_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a447866_1}{\*\bkmkend co_anchor_a447866_1}
\par
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{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
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{\b0 \cf1 \f5 \i0 \fs20
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6.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are public officers (for example, public notaries) involved in a JV\rquote s
formation procedure?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The articles of incorporation must be subscribed and sworn before a public notary.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The JV agreement in a contractual JV must also be subscribed and sworn before a
public notary if the capital is more than PHP3,000 or if immovable property or real
rights are contributed.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
{\trowd \lastrow \trleft0
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\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
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{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q7_1}{\*\bkmkend co_anchor_W_q7_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a980060_1}{\*\bkmkend co_anchor_a980060_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
7.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are JVs registered with any local registries? Are public sector bodies\rquote
authorisations required for a JV\rquote s establishment?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Local registries
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The corporate JV must first be licensed by the Securities and Exchange Commission
(SEC) and subsequently registered with the:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls12
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls12 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Bureau of Internal Revenue as a corporate taxpayer with its own taxpayer
identification number.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls13 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls13
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Local government unit (city) where it has its principal office.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls14 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls14
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Social Security System, Philippine Health Insurance Corporation and the Home
Development Mutual Fund (as an employer).
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Further, the foreign equity investment must be registered with the Central Bank
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Bangko Sentral ng Pilipinas
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
to allow the corporate JV to access foreign exchange from the Philippine banking
system for the payment of dividends and repatriation of investment.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Contractual JV agreements do not have to be registered with the SEC.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Qualified JVs (both corporate and contractual) can register with the Board of
Investments or the Philippine Economic Zone Authority to take advantage of fiscal
and non-fiscal incentives.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Public sector bodies
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A JV, whether corporate or contractual, is considered a merger and as such
regulated by the Philippine Competition Commission (PCC) in accordance with the
Competition Act.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A merger requires notification to the PCC before the execution of definitive
agreements if either the value of the assets to be combined or contributed to the
JV or the gross revenues generated by the combined or contributed assets will
exceed PHP1 billion
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(rule 4, section 3(d), Implementing Rules and Regulations of the Competition Act)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The parties must not conclude the transaction before the expiry of the relevant
waiting periods and/or the approval of the PCC (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
section 2(b)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
). A transaction that meets the thresholds and does not comply with the
notification requirements and waiting periods will be considered void and will
subject the parties to an administrative fine of 1% to 5% of the value of the
transaction (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
section 3(f)g
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}{
{\trowd \lastrow \trleft0
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\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
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{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q8_1}{\*\bkmkend co_anchor_W_q8_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a893728_1}{\*\bkmkend co_anchor_a893728_1}
\par
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{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
8.
}
}
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What other formal requirements must be complied with to validly constitute a JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a contractual JV, if immovable property or real rights are contributed, the JV
agreement must also be sworn and subscribed to by the parties before a public
notary.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
If land is being contributed as equity capital by a party to the JV, the capital
contribution can be annotated on the certificate of title of the land. This will
serve as a notice against the whole world in case the land is alienated in the
course of the JV.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Permitted markets
\par
}
}
}{
{\trowd \lastrow \trleft0
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\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
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\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q9_1}{\*\bkmkend co_anchor_W_q9_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a402482_1}{\*\bkmkend co_anchor_a402482_1}
\par
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{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
9.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can the JV structure be used in every industry sector? Are there any restrictions
to be considered and carefully assessed before investing in a JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
There are investment areas or industry sectors which the Constitution, existing
laws or public policy reserve only to Philippine nationals.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Foreign Investments Act of 1991
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
defines a Philippine national as any one of the following:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls15
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls15 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A citizen of the Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls16 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls16
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A domestic partnership or association wholly owned by citizens of the Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls17 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls17
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A corporation organised under the laws of the Philippines of which at least 60% of
the capital stock outstanding and entitled to vote is owned and held by citizens of
the Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls18 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls18
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A corporation organised abroad and registered as doing business in the Philippines
under the Corporation Code, of which 100% of the capital stock outstanding and
entitled to vote is wholly owned by Filipinos.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls19 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls19
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A trustee of funds for pension or other employee retirement or separation benefits,
where the trustee is a Philippine national and at least 60% of the fund will accrue
to the benefit of Philippine nationals.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The Securities and Exchange Commission (SEC) ruled that for corporations that are
engaged in activities which are wholly or partially reserved to Filipinos, the
minimum percentage of Filipino equity must be applied to both the (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Memorandum Circular No. 8, 2013 series
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
):
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls20
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls20 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Total number of outstanding shares of stock, entitled to vote in the election of
directors.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls21 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls21
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Total number of outstanding shares of stock, whether or not entitled to vote in the
election of directors.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The investment areas below are wholly or partially reserved to Philippine nationals
under the 1987 Constitution and applicable laws and regulations (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Tenth Foreign Investment Negative List issued by the President of the Philippines
in May 2015
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
No foreign equity:
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls22
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls22 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Mass media except recording.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls23 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls23
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Practice of the following professions.
\par {\pntext }
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls24 \pnindent480 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls24 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
pharmacy;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls25 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls25
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
radiologic and x-ray technology;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls26 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls26
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
criminology;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls27 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls27
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
forestry;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls28 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls28
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
law (only individuals can practise).
\par {\pntext }
}
}
}
}{\pntext }
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li580
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls29 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls29
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Retail trade enterprises with paid-up capital of less than US$2.5 million.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls30 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls30
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Private security agencies.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls31 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls31
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Small-scale mining.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls32 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls32
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Utilisation of marine resources in archipelagic waters, territorial sea, and
exclusive economic zone as well as small-scale utilisation of natural resources in
rivers, lakes, bays, and lagoons.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls33 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls33
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Ownership, operation and management of cockpits.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls34 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls34
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture, repair, stockpiling and/or distribution of nuclear weapons, or
biological, chemical and radiological weapons and anti-personnel mines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls35 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls35
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture of firecrackers and other pyrotechnic devices.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Up to 20% foreign equity:
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Private radio communications network.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Up to 25% foreign equity:
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls36
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls36 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Private recruitment, whether for local or overseas employment.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls37 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls37
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Contracts for the construction and repair of locally-funded public works, except
for
\par {\pntext }
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls38 \pnindent480 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls38 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
infrastructure/development projects;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls39 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls39
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
projects which are foreign funded or assisted and required to undergo international
competitive bidding (where 100% foreign equity is allowed).
\par {\pntext }
}
}
}
}{\pntext }
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li580
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls40 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls40
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Under current rules of the Construction Industry Association of the Philippines, a
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Regular License with Annotation
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
can be issued by the Construction Accreditation Board to domestic contractor
corporations with 100% foreign equity, provided that the corporation has a minimum
capitalisation of PHP1 billion. Holders of this licence can undertake the following
projects:
\par {\pntext }
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls41 \pnindent480 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls41 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
vertical projects with a minimum value of PHP5 billion including office or
residential condominiums, hotels, malls, hospitals, schools, warehouses, airport
terminals, marine terminals, international transport terminals, power generation
plants, manufacturing and assembly facilities, tourism resorts, country clubs, and
golf courses;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls42 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls42
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
horizontal projects with a minimum value of PHP3 billion including roads,
expressways, toll road systems, light rail systems, heavy rail systems, monorail
systems, water distribution systems, bulk water systems, sewage and sewerage
systems, power transmission and power distribution systems, telecommunications
distribution systems, bridges, flyovers, viaducts, overhead carriageways, storm
cisterns, dams, dikes, seawalls and breakwater system, and reclamation projects;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls43 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls43
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
contracts for the construction of defence-related structures.
\par {\pntext }
}
}
}
}{\pntext }
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li580
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Up to 30% foreign equity
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Advertising.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Up to 40% foreign equity
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls44
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls44 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Exploration, development and utilisation of natural resources.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls45 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls45
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Ownership of private lands.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls46 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls46
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Operation of public utilities.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls47 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls47
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Educational institutions other than those established by religious groups and
mission boards.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls48 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls48
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Culture, production, milling, processing, trading except retailing, of rice and
corn and acquiring, by barter, purchase or otherwise, rice and corn and their by-
products.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls49 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls49
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Contracts for the supply of materials, goods and commodities to a government-owned
or controlled corporation, company, agency or municipal corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls50 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls50
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Facility operator of an infrastructure or a development facility requiring a public
utility franchise.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls51 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls51
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Operation of deep sea commercial fishing vessels.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls52 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls52
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Ownership of condominium units.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls53 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls53
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture, repair, storage, and/or distribution of products and/or ingredients
requiring Philippine National Police clearance.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls54 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls54
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture, repair, storage, and/or distribution of products and/or ingredients
requiring Department of National Defense clearance.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls55 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls55
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture and distribution of dangerous drugs
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls56 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls56
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Sauna and steam bathhouses, massage clinics and other similar activities regulated
by law because of risks posed to public health and morals.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls57 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls57
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
All forms of gambling.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls58 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls58
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Domestic market enterprises with paid-in equity capital of less than the equivalent
of US$200,000.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls59 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls59
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Domestic market enterprises with paid-in equity capital of less than the equivalent
of US$100,000 which:
\par {\pntext }
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls60 \pnindent480 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls60 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
involve advanced technology; or
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls61 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls61
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
employ at least 50 direct employees.
\par {\pntext }
}
}
}
}{\pntext }
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li580
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Non-Philippine nationals can engage in an export enterprise in which a
manufacturer, processor or service, including tourism, exports 60% or more of its
output, or a trader purchases products that are domestically manufactured
}
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0

}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
and exports 60% or more of them.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Non-Philippine nationals cannot own or hold land anywhere in the Philippines.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Purpose
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q10_1}{\*\bkmkend co_anchor_W_q10_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a375692_1}{\*\bkmkend co_anchor_a375692_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
10.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can a JV be established with any purpose?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
See
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0

}
{\field {\*\fldinst HYPERLINK "#co_anchor_a402482_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 9
}}}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Share capital and participation
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q11_1}{\*\bkmkend co_anchor_W_q11_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a154619_1}{\*\bkmkend co_anchor_a154619_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
11.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What possible forms of participation are there in a JV\rquote s share capital? How
can a JV member contribute and are there statutory limits on the possibility to
make contributions in kind?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Forms of participation
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Following the definition of a partnership, parties to a JV can contribute money,
property, or industry to a common fund.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a corporate JV where the parties contribute equity, subscription to stock of the
corporate JV must be in the form of either cash or property.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Contributions
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Other than cash, the following properties can be used as payment for subscription
of shares of stock in a corporate JV:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls62
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls62 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Land, whether registered or unregistered.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls63 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls63
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Building, including condominium units.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls64 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls64
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Personal properties and furniture.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls65 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls65
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Heavy equipment and machinery.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls66 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls66
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Shares of stock.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls67 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls67
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Motor vehicle.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls68 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls68
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Sea vessel or aircraft.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls69 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls69
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Intangibles, such as intellectual property rights or mining rights.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls70 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls70
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Conversion of existing debt to equity.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
If the JV involves the transfer by one party to another of systematic knowledge for
the manufacture of a product, the application of a process, or the rendering of a
service, including management contracts, or the transfer, assignment, or licensing
of intellectual property rights except software developed for the mass market, the
JV is deemed to be a technology transfer arrangement governed by the Intellectual
Property Code of the Philippines. Registration of the agreement with the
Intellectual Property Office is optional, provided that the JV agreement contains
the mandatory clauses and excludes the prohibited clauses.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q12_1}{\*\bkmkend co_anchor_W_q12_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a829551_1}{\*\bkmkend co_anchor_a829551_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
12.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can a corporate JV\rquote s share capital be denominated in a foreign currency?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The Corporation Code requires the par value of the shares of the corporate JV to be
in Philippine pesos.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Duration and limits on membership
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q13_1}{\*\bkmkend co_anchor_W_q13_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a557294_1}{\*\bkmkend co_anchor_a557294_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
13.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there statutory limits on a JV\rquote s duration?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A corporate JV can exist for a period not exceeding 50 years, unless extended by an
amendment in the articles of incorporation.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A contractual JV can exist for the term or purpose stated in the contract.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q14_1}{\*\bkmkend co_anchor_W_q14_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a347327_1}{\*\bkmkend co_anchor_a347327_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
14.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there statutory limits on the number of members participating in a JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
There is no limit in the number of co-venturers in a JV, except that the total
foreign equity in the JV company may trigger foreign equity restrictions in
reserved investment areas and industries (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
see
}
{\field {\*\fldinst HYPERLINK "#co_anchor_a402482_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 9)
}}}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Public sector bodies
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q15_1}{\*\bkmkend co_anchor_W_q15_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a162281_1}{\*\bkmkend co_anchor_a162281_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
15.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can a public sector body enter into a JV agreement? Subject to what conditions? In
particular, do public private partnerships (PPP) laws and regulations apply?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A public sector body (that is, government entity) can enter into a JV with a
private party, subject to applicable foreign equity limitations depending on the
activity to be undertaken.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
2013 Revised Guidelines and Procedures for Entering into Joint Venture Agreements
between Government and Private Entities
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
, issued by the National Economic Development Authority, govern the formation of
JVs between the government and the private sector. It recognises both corporate and
contractual JVs and provides for a general preference for corporate JVs.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Republic Act No. 6957, as amended by Republic Act No. 7718, and its implementing
rules and regulations (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Operate-and-Transfer (BOT)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Law) allow for public private partnerships for qualified infrastructure and
development projects. The BOT law permits the following JV schemes:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls71
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls71 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Operate-and-Transfer (BOT):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
a contractual arrangement under which the contractor undertakes the construction,
including financing, of a given infrastructure facility, and of its operation and
maintenance. The BOT scheme includes a supply-and-operate contractual arrangement
where the supplier of equipment and machinery (if the interest of the government so
requires) operates the facility and provides technology transfer and training to
Filipino nationals.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls72 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls72
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-and-Transfer Scheme (BT):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
the contractor undertakes the construction, including financing, of a given
infrastructure facility, and its turnover after completion to the government agency
or local government unit concerned which pays the contractor its total investment
on the project, plus a reasonable rate of return. This arrangement can be used in
the construction of any infrastructure project including critical facilities which,
for security or strategic reasons, must be operated directly by the government.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls73 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls73
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Own-Operate (BOO):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
a project proponent is authorised to finance, construct, own, operate and maintain
an infrastructure or development facility from which the proponent is allowed to
recover its total investment, operating and maintenance costs plus a reasonable
return by collecting tolls, fees, rentals and other charges from facility users.
Under this scheme, the proponent which owns the assets of the facility can assign
its operation and maintenance to a facility operator. A facility operator is
defined as a company registered with the SEC which may or may not be the project
proponent, and which is responsible for all aspects of operation and maintenance of
the infrastructure or development facility, including but not limited to the
collection of tolls, fees, rentals or charges from facility users. If the facility
requires a public utility franchise, the facility operator must be Filipino or at
60% owned by Filipinos.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls74 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls74
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Lease-Transfer (BLT)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
: a project proponent is authorised to finance and construct an infrastructure or
development facility and on its completion turns it over to the government agency
or local government unit concerned on a lease arrangement for a fixed period after
which ownership of the facility is automatically transferred to the government
agency or local government unit concerned.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls75 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls75
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Transfer-and-Operate (BTO):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
the public sector contracts out the building of an infrastructure facility to a
private entity such that the contractor builds the facility on a turn-key basis,
assuming cost overrun, delay, and specified performance risks. Once the facility is
commissioned satisfactorily, title is transferred to the implementing agency. The
private entity however, operates the facility on behalf of the implement agency
under an agreement.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls76 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls76
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Contract-Add-and-Operate (CAO):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
the project proponent adds to an existing infrastructure facility which it is
renting from the government. It operates the expanded project over an agreed
franchise period. There may be a transfer arrangement in regard to the facility.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls77 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls77
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Develop-Operate-and-Transfer (DOT):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
the favourable conditions external to a new infrastructure project which is to be
built by a private project proponent are integrated into the arrangement by giving
that entity the right to develop adjoining property, and thus, enjoy some of the
benefits the investment creates such as higher property or rent values.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls78 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls78
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Rehabilitate-Operate-and-Transfer (ROT):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
an existing facility is
}
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
[##transferred]
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
to a private sector to refurbish, operate and maintain for a franchise period, at
the expiry of which the legal title to the facility is
}
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
[##transferred back]
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
to the government. The term is also used to described the purchase of an existing
facility from abroad, importing, refurbishing, erecting and consuming it within the
host country.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls79 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls79
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Rehabilitate-Own-and-Operate (ROO):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
an existing facility is turned over to the private sector to refurbish and operate
with no time limit imposed on ownership. As long as the operator is not in
violation of its franchise, it can continue to operate the facility in perpetuity.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb680
Non-competition and anti-trust clauses
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q16_1}{\*\bkmkend co_anchor_W_q16_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a502292_1}{\*\bkmkend co_anchor_a502292_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
16.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there statutory constraints on the use of non-competition or anti-trust clauses
in a JV agreement?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
During period of effectiveness
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A non-competition clause to be effective during the JV can be included in the JV
agreement between the parties.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Following termination
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A non-competition clause that is to be effective on the termination of the JV must
be valid, provided that it does not constitute an unreasonable restraint of trade.
Jurisprudence holds that a non-competition clause is reasonable if it sets a
limitation on the particular type, time and place of the business activity being
restrained.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
De facto company/partnership
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q17_1}{\*\bkmkend co_anchor_W_q17_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a122887_1}{\*\bkmkend co_anchor_a122887_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
17.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Must the contractual JV satisfy any conditions to avoid falling within the
definition of de facto company/partnership?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The Supreme Court has ruled that a corporate entity formed must be a JV rather than
a corporation to be governed by the laws on partnership.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The following circumstances led the Supreme Court to hold that the parties
contemplated a JV rather than a corporation (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Aurbach v Sanitary Wares Manufacturing Corporation
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
(
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
GR No. 75875, 15 December 1989)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
):
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls80
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls80 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Requiring a vote of seven out of nine directors in certain enumerated corporate
acts.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls81 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls81
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Designating a member of the Executive Committee and requiring a vote of this member
for certain transactions.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls82 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls82
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Using the word \ldblquote designated\rdblquote and not \ldblquote
nominated\rdblquote or \ldblquote elected\rdblquote in describing the selection
of members of the board of directors.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls83 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls83
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Referring to the entity as a \ldblquote joint venture\rdblquote rather than a
corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls84 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls84
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Providing for a fixed number of directors on the board
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In another case, the Supreme Court held that a \ldblquote consortium\rdblquote is
not a JV when there is no community of interest, a sharing of risks, profits, or
losses, or even a representation from the members of the consortium that they have
come together to form such consortium. In that case, there was no JV agreement or
similar instrument executed by the parties to the consortium. The only documentary
evidence adduced to prove the existence of a JV was a statement of one party that
it represented the consortium but this was not supported by a declaration from the
other parties that they authorise the other to bind them (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Information Technology Foundation of the Philippines v Commission on Elections (GR
No. 159139, 13 January 2004)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Kilosbayan In. v Guingona, Jr
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
(
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
GR No. 113375, 5 May 1995)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
, the Supreme Court ruled that a contract of lease actually constituted a JV when
the provisions of the contract showed that both parties participated in the profits
and equally bore the risk of loss in an online lottery system that was supposed to
be the subject of the lease.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Philex Mining Corp v Commissioner of Internal Revenue (GR No. 148187, 16 April 2008
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
), the Supreme Court treated as a JV agreement a special power of attorney that
identified the parties as \ldblquote principal\rdblquote and \ldblquote
manager\rdblquote , respectively. The court concluded this way because the power of
attorney in fact established a common fund and a joint interest in the profits of
the business by way of a 50-50 sharing in the income of the subject mining project.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Limiting member liability
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q18_1}{\*\bkmkend co_anchor_W_q18_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a927932_1}{\*\bkmkend co_anchor_a927932_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
18.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can a JV agreement provide that a JV member can participate without incurring any
risk, loss or reward?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The co-venturers can agree on the share of each party to the capital, profits, or
losses of the JV. However, as far as third parties are concerned, all partners are
jointly and severally liable with the partnership for everything chargeable to the
partnership, including loss or injury caused to a third person, or penalties
incurred due to any wrongful act or omission of any partner acting in the ordinary
course of the business of the partnership or with the authority of their co-
partners
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(J Tiosejo Investment v Ang GR No. 174149, 8 September 2010)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Anti-trust
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q19_1}{\*\bkmkend co_anchor_W_q19_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a189869_1}{\*\bkmkend co_anchor_a189869_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
19.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Do any anti-trust rules, guidelines or policies apply to a JV agreement?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Technology transfer arrangements must not contain any clauses that (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Intellectual Property Code of the Philippines, section 87
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
):
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls85
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls85 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Impose on the licensee the obligation to acquire from a specific source capital
goods, intermediate products, raw materials, and other technologies, or of
employing personnel indicated by the licensor.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls86 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls86
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Allow the licensor reserves the right to fix the sale or resale prices of the
products manufactured on the basis of the licence.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls87 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls87
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Contain restrictions regarding the volume and structure of production.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls88 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls88
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Prohibit the use of competitive technologies in a non-exclusive technology transfer
arrangement.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls89 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls89
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Establish a full or partial purchase option in favour of the licensor.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls90 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls90
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Obligate the licensee to transfer for free to the licensor the inventions or
improvements that can be obtained through the use of the licensed technology.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls91 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls91
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Require payment of royalties to the owners of patents for patents which are not
used.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls92 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls92
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Prohibit the licensee to export the licensed product unless justified for the
protection of the legitimate interest of the licensor such as exports to countries
where exclusive licences to manufacture and/or distribute the licensed product(s)
have already been granted.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls93 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls93
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Restrict the use of the technology supplied after the expiration of technology
transfer arrangement, except in cases of early termination of the technology
transfer arrangement due to reason(s) attributable to the licensee.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls94 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls94
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Require payments for patents and other industrial property rights after the
expiration or termination of the technology transfer arrangement.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls95 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls95
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Require that the technology recipient does not contest the validity of any patents
of the technology supplier.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls96 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls96
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Restrict the research and development activities of the licensee designed to absorb
and adapt the transferred technology to local conditions or to initiate research
and development programs in connection with new products, processes or equipment.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls97 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls97
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Prevent the licensee from adapting the imported technology to local conditions, or
introducing innovation to it, as long as it does not impair the quality standards
prescribed by the licensor.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls98 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls98
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Exempt the licensor from liability for non-fulfilment of his/her responsibilities
under the technology transfer arrangement and/or liability arising from third party
suits brought about by the use of the licensed product or the licensed technology.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb680
Governance and limits on directors
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q20_1}{\*\bkmkend co_anchor_W_q20_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a279485_1}{\*\bkmkend co_anchor_a279485_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
20.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can the parties to a JV freely regulate the JV or are they subject to certain
restrictions?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Since the JV is essentially a contract, the law allows the contracting parties such
stipulations, clauses, terms and conditions as they may deem convenient, provided
they are not contrary to law, morals, good customs, public order, or public policy.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Other than contract law, partnership laws govern the relations between the parties
in the absence of any specific provision in the JV agreement.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a corporate JV, the Corporation Code requires the affirmative vote of at least
two thirds of the outstanding capital stock at a meeting duly called for the
following purposes:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls99
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls99 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Amendment of articles of incorporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls100 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls100 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Removal of directors.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls101 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls101 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Ratification a contract of a director/officer with the corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls102 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls102 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Extension or shortening the corporate term.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls103 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls103 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Increase or decrease of the capital stock.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls104 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls104 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Incurring, creating or increasing bonded indebtedness.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls105 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls105 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Sale, lease, exchange, mortgage, pledge of all or substantially all the corporate
assets.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls106 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls106 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Investment of corporate funds in another corporation or for any purpose other than
the primary purpose for which the corporation was organised.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls107 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls107 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Issuance of stock dividends.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls108 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls108 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Delegation to board of directors of the power to amend or repeal the bye-laws or
adopt new bye-laws.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls109 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls109 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Approval or amendment of a plan of merger or consolidation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls110 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls110 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Dissolution of a corporation.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
The following acts require the vote of shareholders:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls111 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls111 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Election of directors.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls112 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls112 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Execution of management contracts.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls113 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls113 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Adoption, amendment or repeal of bye-laws.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls114 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls114 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Revocation of the power given to the board of directors to amend or repeal the bye-
laws.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
A company must declare dividends when its retained earnings are in excess of 100%
of its paid-in capital stock, except when:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls115 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls115 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Justified by definite corporate expansion projects or programs approved by the
board.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls116 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls116 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The corporation is prohibited under any loan agreement with any financial
institution or creditor, whether local or foreign, from declaring dividends without
its consent, and such consent has not been secured.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls117 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls117 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
It can be clearly shown that such retention is necessary under special
circumstances, such as when there is a need for special reserve for probable
contingencies.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
}{
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}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a604876_1}{\*\bkmkend co_anchor_a604876_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
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{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
21.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there limits or restrictions on the eligibility of an individual as a member of
the board of directors/statutory auditor?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The majority of the board of directors of must also appoint a:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls118 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls118 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
President, who must be a director.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls119 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls119 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Treasurer who may or may not be a director.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls120 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls120 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Corporate secretary who must be a resident and citizen of the Philippines.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Two or more positions can be held concurrently by the same person, except that no
one can act as president and secretary or as president and treasurer at the same
time.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Termination
\par
}
}
}{
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\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q22_1}{\*\bkmkend co_anchor_W_q22_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a485203_1}{\*\bkmkend co_anchor_a485203_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
22.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What legal regime applies to a JV\rquote s termination? Can a JV be terminated for
just cause on request of one party?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a corporate JV, dissolution may be effected by the affirmative vote of the
stockholders owning at least two-thirds of the outstanding capital stock.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a contractual JV, the agreement can provide for causes of termination or a term
or particular undertaking, the fulfilment of which will result in the termination.
If no term or undertaking is specified, the JV can also be terminated by the
exercise in good faith by any partner of the power to withdraw from the JV at will.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
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\par
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{\b0 \cf1 \f5 \i0 \fs20
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23.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Is the termination of a JV agreement subject to any public sector body\rquote s
approval?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A corporate JV must be dissolved on the recommendation of the SEC. Its tax
liabilities must also be assessed and cleared by the Bureau of Internal Revenue.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A contractual JV must be dissolved, its going concern wound up, and is assets
liquidated in accordance with the terms of the JV agreement or the applicable law
on partnership.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Choice of law and jurisdiction
\par
}
}
}{
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\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q24_1}{\*\bkmkend co_anchor_W_q24_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a159769_1}{\*\bkmkend co_anchor_a159769_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
24.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there constraints on the choice of the law and the jurisdiction applicable to a
JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A choice of a foreign substantive law is generally recognised and given effect
under Philippine law, provided that:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls121 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls121 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The contract has a substantial connection with the law chosen.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls122 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls122 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The contract\rquote s provisions are not against prohibitive laws of the
Philippines, public order, public policy, or good customs.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
However, for litigation in the Philippines, the foreign substantive law must be
proven in court. Otherwise, the court must assume that the foreign substantive law
is the same as Philippine law. The chosen law must also have a connection to the
contract. This connection may arise from the place of the execution of the
contract, place of performance, situs of the subject matter of the contract, or the
place of incorporation, place of business, or domicile of the contracting parties.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A contract can also stipulate a forum chosen by the parties, other than Philippine
courts, which will decide on disputes and claims arising out of the contract.
However, the stipulation will not deprive Philippine courts of jurisdiction over a
subject matter if the court believes that it is a convenient court to which the
parties may resort, if it is in a position to make an intelligent decision as to
the law and the facts of the case, and if it has the power to enforce a decision.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs28 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs28 \sa0 \sb280
JVs with foreign members
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Validity and authorisation
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q25_1}{\*\bkmkend co_anchor_W_q25_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a824472_1}{\*\bkmkend co_anchor_a824472_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
25.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What are the rules relating to validity and authorisation of JVs with foreign
parties?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Validity
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
JVs with foreign parties are allowed, provided that they comply with applicable
foreign equity restrictions (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
see
}
{\field {\*\fldinst HYPERLINK "#co_anchor_a980060_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 7
}}}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Limits
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Certain investment areas or business activities are reserved for Philippine
nationals (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
see
}
{\field {\*\fldinst HYPERLINK "#co_anchor_a402482_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 9
}}}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a contractual JV, a Philippine national partnership is one where the partnership
is wholly owned by citizens of the Philippines.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a corporate JV, a Philippine national is one of the following:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls123 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls123 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A corporation set up under the laws of the Philippines of which at least 60% of the
capital stock outstanding and entitled to vote is owned and held by citizens of the
Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls124 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls124 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A corporation set up abroad and registered as doing business in the Philippines
under the Corporation Code of which 100% of the capital stock outstanding and
entitled to vote is wholly owned by Filipinos.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb680
Authorisation
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In the case of a corporate JV, a declaration must be made before the SEC if there
is a foreign participation in the corporate JV.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Effect of foreign membership
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q26_1}{\*\bkmkend co_anchor_W_q26_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a739292_1}{\*\bkmkend co_anchor_a739292_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
26.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are any of the rules relating to domestic company JVs (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
see Questions 1 to 24
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
) different for JVs with members incorporated under, or governed by, the laws of a
foreign country?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
See
}
{\b0 \cf1 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK "#co_anchor_a402482_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 9
}}}
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
.
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Economic or financial incentives
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q27_1}{\*\bkmkend co_anchor_W_q27_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a760627_1}{\*\bkmkend co_anchor_a760627_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
27.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there economic or financial incentives for foreign direct investments in a JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Registered enterprises can take advantage of the incentives offered by either the
Philippine Economic Zone Authority (PEZA) or the Board of Investments (BOI).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The incentives offered to PEZA registrants include:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls125 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls125 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Income tax holiday for four years.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls126 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls126 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
After the income tax holiday, special income tax rate of 5% of gross income, in
lieu of all national and local taxes except real property taxes on land.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls127 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls127 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Exemption from import duties on machinery and equipment.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls128 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls128 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Zero-rated VAT during the income tax holiday and exemption from VAT after the
income tax holiday.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls129 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls129 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Additional deduction from taxable income equivalent to half of the value of
training expenses incurred in developing skilled or unskilled labour or for
managerial development programs.
\par {\pntext }
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}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls130 \pnindent0 \pnf1 {\f2 \pntxtb
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Exemption from local business taxes and local business permits.
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The incentives offered to BOI registrants include:
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Income tax holiday of four years from the start of commercial operations.
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After the income tax holiday, BOI registrants are covered by the regular income tax
regime. However, they can also apply for PEZA registration and convert their BOI
registration to PEZA registration to enjoy that scheme\rquote s preferential income
tax rates after their income tax holiday.
\par {\pntext }
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Zero-rated import duties on machinery and equipment.
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Zero-rated VAT for enterprises that export 100% of their services.
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Additional deduction from taxable income equivalent to 50% of the wages of
additional skilled and unskilled workers in the direct labour force.
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Employment of foreign nationals in supervisory, technical, or advisory positions
for a period of five years from the date of registration.
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Minimum investments/contributions
\par
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28.
}
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Are there mandatory minimum equity investments or contributions in kind thresholds
for a foreign JV member?
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Subject to the foreign ownership restrictions previously discussed, there is a
minimum but not a maximum equity investment or required contribution for a foreign
co-venturer, depending on the extent of its equity ownership.
\par
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A corporate JV that seeks to engage in business as a domestic market enterprise
with between 40% and 100% foreign equity must have a paid-in equity capital of at
least US$200,000 or at least US$100,000 provided the enterprise involves an
advanced technology as declared by the government or employs at least 50 direct
employees.
\par
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}
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A domestic market enterprise is one which produces goods for sale, or renders
services, to the domestic market entirely, or in case of exporting a portion of its
output, it consistently exports under 60%].
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The regulatory authorities
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Securities and Exchange Commission
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Main activities
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. Regulates and supervises, and grants licences to, corporations and partnerships.
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Board of Investments
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Main activities.
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Administers incentives for enterprises registered with it.
\par
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Philippine Economic Zone Authority
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Main activities.
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Registers and administers incentives for enterprises located in special economic
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W
}
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\u160\'3f
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{\b1 \cf38 \f5 \ri0 \i0 \qj \fs28 \li0
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Online resources
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Corporation Code
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W
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Description.
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This is a link to the text of the Corporation Code of the Philippines
}
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.
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Civil Code
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W
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Description.
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This is a link to the text of the Civil Code of the Philippines which contains the
law on partnership.
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\u160\'3f
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{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
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Tenth Foreign Investments Negative List
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This is a link to the text of the Tenth Foreign Investments Negative List which
identifies the investment areas which are open to foreign investors or reserved for
Philippine nationals.
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