Will there be any corruption? Lol

 

And God created Earth in 6 days. He had Sunday off but blow me (not an invitation), there was a power cut.

 

our may your must think he's in the hot seat for the long haul and will feed like a suckee calf from the table, more capable negrense than him have been snuffed out for buttons, when the RMB dribbles in who will be hiding in the shadows

 

Skipjack, thank you for doing the research and clarifying my misconception of foreign ownership. Instead 10% a foreigner can own 40% under present laws. Incorporating such an enterprise can't be done on the back of a napkin before submitting it to the SEC. The proposed enterprise would have to come together and elect among themselves a Board of Directors made up of at least 60% being common Filipinos and a Chairman who could be the foreigner. The Board could then pass a resolution authorizing submission to the SEC under the 60/40 Rule.

I misspoke the interpretation of Presidental powers leading to ordering the SEC to allow foreign investors to own 50% rather than the current 40%.
The President was just proposing Congress pass modifications to three laws enabling the increase in permitted foreign ownership.

The extent that it will effect the Smart City proposal is yet to be played out but you can expect litigation.

Thanks again Skipjack for pointing out my misconception.

shakey

 

Again you mispoke.

The corporations code was amended in 2019. One of the main objectives of the Revised Corporation Code is to improve ease of doing business which would eventually make the Philippines an attractive investment destination.

The number and residency requirement for incorporators and members of the board of directors are the most common concerns of foreign companies seeking to establish a business presence in the Philippines. With the Revised Corporation Code, a single incorporator may set up a corporation. The residency requirement was also deleted.

https://zico.group/blog/revised-philippine-corporation-code-signed-into-law/

 

Thanks for that update.

shakey

 

And they are still building them.

 

I have serious doubts this project would run that smoothly.

 

Mayor Remollo has stated on national news he has not made a decision on this project yet but he sure sounds like he thinks its the best thing since checks in the mail.