g. Combat Vessels (Air,Land and Naval) and Auxilaries
h. Weapos repair and Maintinance Equipment
i. Millitary Communication Equipment
j. Night Vision Equipment
k. Stimulated Coherent Radiation Device, Components and Accessories l. Armanent Training Devices
(RA No.7042 as Amended by RA No.8179)
3. Manufacture and distribution of dangerous drugs (RA No.7042 as amended by RA.No 8179) 4. Sauna and steam bathhouse,massage clinics,nightclubs,bars,beer houses,dance halls and other like activities regulated by law beacause of risk they may impose public health and morals 5. Other forms of gambling, e.g., race track operation racehorse ownership/importation 6. Domestic market enterprises with paid-in equity capital of less than US$100,000 7. Domestic market enterprise involving advanced technology or employing at least 50 direct employees with paid-in-equity capital of less than US$100,000
Lending companies regulated by the Securities and Exchange Commission (subject to reciprocity rights) Application of the Law
Case: Tan O. Cheng, a Chinese resident and citizen, wants to try the air transportation business in the Philippines. If you are the lawyer appointed by Tan O. Cheng to put up this kind of business, what advice will you give? Legal Opinion: As the lawyer of Tan O. Cheng, I will advise him that he cannot engage in the air transportation as a sole proprietor because of the constitutional limitation that the operation of a public utility (like the air transportation business) shall be granted only to citizens of the Philippines) unless he wants to be a naturalized citizen under Philippine laws. Under the current situation, I may advise him to look for partners or incorporators to from a partnership or a corporation under Philippine Laws. However, the formation must be based on the limited 40% foreign equity by reason of the constitutional limitation.
Investment in Transportation Business and Public...