AMENDING FURTHER PRESIDENTIAL DECREE NO. 129, AS AMENDED, OTHERWISE KNOWN AS “THE INVESTMENT HOUSES LAW”

WHEREAS, there must be greater cooperation among
governmental agencies to ensure the accomplishment of desired objectives;

WHEREAS, there is a need to provide flexibility to
government authorities in setting the capitalization requirement for investment
houses in order to enhance the capability of the latter to compete and to
finance the requirements of economic development;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution, do hereby
decree and order as follows:

SECTION 1. The third paragraph of Section 4 of Presidential
Decree No. 129, as amended, is hereby amended to read as follows:

“In determining compliance with the provisions of subsections (b) and (c)
above, the Securities and Exchange Commission shall consult with and act
pursuant to such recommendation as the Monetary Board of the Central Bank of the
Philippines may make.”

SEC. 2. Section 8 of the same Decree is hereby amended to
read as follows:

“SEC. 8. The minima: initial paid-in capital of any
Investment House shall be Twenty Million (P20,000,000) Pesos: Provided,
That the Monetary Board of the Central Bank may prescribe a higher minimum
capitalization if warranted by the circumstances.”

SEC. 3. The first paragraph of Section 16 of the same is
hereby amended to read as follows:

“SEC. 16. Penalties for violation. — Upon proof
that an Investment House is violating or not complying with the provisions of
this Decree, of other pertinent laws, of the terms or conditions of its
certificate of registration or Charter, or of orders, decisions, rulings or
regulations issued by the Securities and Exchange Commission, the Commission
shall impose upon the Investment House and collect a fine of not exceeding two
hundred (P200.00) pesos per day for every day during which such violation or
non-compliance continues, and/or suspend its certificate of registration. The
officer or director of the Investment House who ordered or authorized the
violation or non-compliance shall be solidarily liable. The fine so imposed
shall be paid to the Government of the Philippines through the Securities and
Exchange Commission.”

SEC. 4. All laws, decrees, rules and regulations
inconsistent with this Decree are hereby repealed or modified accordingly.

SEC. 5. This Decree shall take effect immediately.

Done in the City of Manila, this 16th day of January, in the year of Our
Lord, nineteen hundred and eighty-one.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JUAN C. TUVERA
		Presidential Executive Assistant

Vol. 25, Vital Documents, Presidential Decree 1980-1981