EXECUTIVE ORDER NO. 63
EXECUTIVE ORDER NO. 63 - GRANTING
INCENTIVES TO FOREIGN INVESTMENT IN TOURIST-RELATED PROJECTS AND
TOURIST ESTABLISHMENTS AND FOR OTHER PURPOSES
WHEREAS,
the development of international tourism could significantly be
enhanced through the acquisition or operation of tourist establishments
and tourist related projects in our country and by the infusion of
capital therein, by foreign investors;
WHEREAS, it is also the desire of government to dispose of its
tourist-related assets, the management of which by the private sector
will contribute to the national development efforts and to the national
economic recovery;
WHEREAS, it is thus necessary to grant benefits and incentives to
attract foreign investors to invest in tourist- related projects and
tourist establishments;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, do
hereby order:
Section 1. Foreign Investors. — Any alien who invests
the amount of at least US$50,000.00 in a tourist- related project or in
any tourist establishment as a determined by the Committee created
herein shall be entitled to the benefits and incentives granted in this
Executive Order: Provided, That such investment be made in accordance
with the limitations set by the Constitution. For purposes of
compliance with this particular condition, the alien applicant shall
prove that he has remitted such amount in any acceptable foreign
currency to the Philippines.
In the determination of the areas of investments, the Committee shall
take into consideration the following criteria: the investment shall
promote the development of the tourism industry, shall provide more
opportunities for employment, and shall increase the country’s national
income. The Committee shall give priority to the disposal of
non-performing tourism-oriented assets of the government.
Sec. 2. Incentives to Investors. — The following
benefits and incentives shall be available to an investor under this
Executive Order:
(a)
Special Investor Resident Visa. — The investor, his wife and unmarried
minor children shall be permitted to enter and reside in the
Philippines as special investor residents for as long as the investment
subsists: Provided, That (1) they have not been convicted of a crime
involving moral turpitude; (2) they are not afflicted with any
loathsome, dangerous or contagious disease; and (3) they have not been
institutionalized for any mental disorder or disability; and Provided,
further, That the said investor visits the country at least twice a
year and stays in the country at least seven (7) days for each visit.
The said investor, his wife and unmarried minor children shall be
issued a multiple entry special investor resident visa to enter and
leave the Philippines without further documentary requirements other
than valid passports or other travel documents in the nature of
passports. They shall be exempt from payment of alien immigration and
registration fees and from securing alien certificates of registration.
Should the investor withdraw his
investment from the Philippines, or transfer his investment to any
other area without the prior approval of the Committee created herein,
the special investor resident visas issued to him, his wife and
unmarried children may be revoked by the Philippine Government. For
this purpose, he shall submit an annual report, in the form duly
prescribed for the purpose, to prove that he has maintained his
investment in the country.
(b) Remittance
of Earnings. — The investor shall have the right to remit earnings from
the investment in the currency in which the investment was originally
made and at the exchange rate prevailing at the time of remittance,
subject to the provisions of Sec. 74 of Republic Act No. 265, as
amended: Provided, That the investment is registered with the Central
Bank, and reported to and registered with the Board of Investments.
(c)
Repatriation of Proceeds. — The investor shall have the right to
repatriate the entire proceeds of the liquidation of the investments in
the currency in which the investment was originally made and at the
exchange rate prevailing at the time of repatriation, subject to the
provisions of Sec. 74 of Republic Act 265, as amended.
(d) Right of
Succession. — In case of death, the surviving immediate family shall be
entitled to the same privileges.
Sec. 3. Creation of Committee. — There is hereby
created a Committee composed of the representatives of the Ministry of
Tourism, Ministry of Foreign Affairs, Board of Investments, Commission
on Immigration and Deportation, National Economic and Development
Authority and Central Bank of the Philippines. This representative of
the Ministry of Tourism shall act as Chairman of the Committee.
Sec. 4. Implementing Rules and Regulations. — The
Committee shall implement the provisions of this Executive Order. For
this purpose, the Committee shall promulgate the rules and regulations
to implement this Executive Order.
Sec. 5. Repealing Clause. — All laws, orders,
issuances, rules and regulations or parts thereof inconsistent with
this Executive Order are hereby repealed or modified accordingly.
Sec. 6. Effectivity. — This Executive Order shall
take effect immediately.
Done in the City of Manila,
this 7th day of November, in the year of Our Lord, nineteen hundred and
eighty-six.
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Since 19.07.98.