PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
PRESIDENTIAL DECREE NO. 1851 - AMENDING PRESIDENTIAL DECREE NO. 1623 ENTITLED "AUTHORIZING THE ISSUANCE OF SPECIAL INVESTORS RESIDENT VISAS TO ALIENS AND FOR OTHER PURPOSES"
the Philippines has long standing policy of attracting foreign
investors to the country thereby augmenting its limited capital
WHEREAS, there is a need to liberalize the investment requirements for aliens desiring to obtain Special Investors Resident Visas in the Philippines,
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree, and make as part of the law of the land, the following:
Section 1.chanroblesnad The following sections of Presidential Decree No. 1623 are hereby amended to read as follows:
"Section 1.chanroblesnad Under the conditions set forth herein, there may be issued Special Investors Resident Visas to aliens who are able to prove that they possess the following qualifications:
1.chanroblesnad He had not been convicted of a crime involving moral turpitude;
2.chanroblesnad He is not afflicted with any loathsome, dangerous or contagious disease;
3.chanroblesnad He has not been institutionalized for any mental disorder or disability;
4.chanroblesnad He is willing and able to invest the amount of at least US$200,000 in the Philippines; provided, however, that for purposes of compliance with this particular condition, the alien-applicant should prove that he has remitted such amount in acceptable foreign currency to the Philippines."
"Sec. 3.chanroblesnad As holder of the Special Investors Resident Visa, an alien shall be entitled to reside in the Philippines while his investment subsists. For this purpose, he should submit an annual report, in the form duly prescribed for the purpose, to prove that he has maintained his investment in the country. Should said alien withdraw his said investment from the Philippines, then the Special Investors Residence Visa issued to him will automatically expire.
The following agencies are hereby directed to promulgate within thirty (30) days from date hereof, the implementing Rules and Regulations applicable hereto:
1.chanroblesnad Ministry of Foreign Affairs, as Chairman;
2.chanroblesnad Commission on Immigration and Deportation;
3.chanroblesnad Board of Investments."
Sec. 2.chanroblesnad All laws, decrees, executive orders, rules and regulations inconsistent herewith are hereby repealed, amended, or modified accordingly.
Sec. 3.chanroblesnad This Decree shall take effect immediately.
DONE in the City of Manila, this 6th day of November, in the year of Our Lord, nineteen hundred and eighty-two.
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