New law lifts foreign ownership limit in adjustment companiesMANILA — The Insurance Commission (IC) welcomes the passage and implementation this month of a new law lifting foreign ownership limit in adjustment companies noting that this will make the Philippines comply with its commitments to the ASEAN Economic Community (AEC). 10881 now allows foreign nationals and 100-percent foreign ownership — in case of partnership, association and corporation — in adjustment companies. “We welcome the passage of the law removing the restriction in foreign ownership equity in case of adjustment companies. Previously, the country only allowed up to 40 percent foreign ownership in adjustment companies. 10881 entitled “An Act Amending Investment Restrictions in Specific Laws Governing Adjustment Companies, Lending Companies, Financing Companies and Investment Houses Cited in The Foreign Investment Negative List and for other Purposes” will take effect on Aug. 16.

Source: Manila Bulletin August 09, 2016 02:48 UTC