AMENDING PRESIDENTIAL DECREE NO. 1623 ENTITLED “AUTHORIZING THE ISSUANCE OF SPECIAL INVESTORS RESIDENT VISAS TO ALIENS AND FOR OTHER PURPOSES”

WHEREAS, the Philippines has a long standing policy of
attracting foreign investors to the country thereby augmenting its limited
capital resources;

WHEREAS, there is a need to liberalize the investment
requirements for aliens desiring to obtain Special Investors Resident Visas in
the Philippines;

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

SECTION 1. The following sections of Presidential Decree No.
1623 are hereby amended to read as follows:

“SECTION 1. Under the conditions set forth herein, there
nifty be issued Special Investors Resident Visas to aliens who are able to prove
that they possess the following qualifications:

1. He had hot been convicted of a crime involving moral turpitude;
2. He is not afflicted with any loathsome, dangerous or contagious disease;
3. He has hot been institutionalized for any mental disorder or disability;
4. He is willing and able to invest the amount of at least US$200,000 in the
   Philippines; provided, however, that for purposes of compliance with
   this particular condition, the alien-applicant should prove that he has remitted
   such amount in acceptable foreign currency to the Philippines.”

“SECTION 3. As holder of tile Special Investors Resident
Visa, an alien shall be entitled to reside in the Philippines while his
investment subsists. For this purpose, he should submit an annual report, in the
form duly prescribed for the purpose, to prove that he has maintained his
investment in the country. Should said alien withdraw his said investment from
the Philippines, then the Special Investors Residence Visa issued to him will
automatically expire.

The following agencies are hereby directed to promulgate within thirty (30)
days from date hereof, the implementing Rules and Regulations applicable,
hereto:

1. Ministry of Foreign Affairs, as Chairman;
2. Commission on Immigration and Deportation;
3. Board of Investments.”

SEC. 2. All laws, decrees, executive orders, rules and
regulations inconsistent herewith are hereby repealed, amended, or modified
accordingly.

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 6th day of November, in the year of Our
Lord, nineteen hundred and eighty-two.

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