Foreign Investment Act, RA 8179
Foreign Investment Act, RA 8179
Foreign Investment Act, RA 8179
SECTION 1. Section 3, paragraph (a), of Republic Act No. 7042, otherwise known as
the "Foreign Investments Act of 1991," is hereby amended to read as follows:
"Sec. 3. Definitions. — as used in this Act:
"b) List B shall contain the areas of activities and enterprises regulated
pursuant to law:
"1) which are defense-related activities, requiring prior clearance and
authorization from Department of National Defense (DND) to engage in such
CD Technologies Asia, Inc. 2018 cdasiaonline.com
activity, such as the manufacture, repair, storage and/or distribution of rearms,
ammunition, lethal weapons, military ordnance, explosives, pyrotechnics and
similar materials, unless such manufacturing on repair activity is speci cally
authorized, with a substantial export component, to a non-Philippine national by
the Secretary of National Defense; or
"2) which have implications on public health and morals, such as the
manufacture and distribution of dangerous drugs, all forms of gambling,
nightclubs, bars, beer houses, dance halls, sauna and steam bathhouses and
massage clinics.
"In case the transferee already owns urban or rural land for business or
other purposes, he shall still be entitled to be a transferee of additional urban or
rural land for business or other purposes which when added to those already
owned by him shall not exceed the maximum areas herein authorized.
"A transferee under this Act may acquire not more than two (2) lots which
should be situated in different municipalities or cities anywhere in the Philippines:
Provided, That the total land area thereof shall not exceed ve thousand (5,000)
square meters in the case of urban land or three (3) hectares in the case of rural
land for use by him for business or other purposes. A transferee who has already
acquired urban land shall be disquali ed from acquiring rural land area and vice
versa."
SECTION 7. The NEDA is hereby directed to make the necessary amendments to the
implementing rules and regulations of Republic Act No. 7042 in order to re ect the
changes embodied in this Act.
SECTION 8. Sections 9 and 10 of Republic Act No. 7042 and all references thereto in
said law are hereby repealed or modi ed accordingly. All other laws, rules and regulations
and/or parts thereof inconsistent with the provisions of this Act are hereby repealed or
modified accordingly.
SECTION 9. If any part or section of this Act is declared unconstitutional for any
reason whatsoever, such declarant shall not in any way affect the other parts or sections
of this Act.
SECTION 10. This Act shall take effect fteen (15) days after publication in two (2)
newspapers of general circulation in the Philippines.
Approved: March 28, 1996
Published in Malaya and the Manila Times on March 31, 1996. Published in the
CD Technologies Asia, Inc. 2018 cdasiaonline.com
Official Gazette, Vol. 92 No. 21 page 3239 on May 20, 1996.