TNAG-1251-FCO40-1584-Third-countries-and-the-future-of-Hong-Kong-1983 — Page 64

MALACAÑANG

MANHA

· PRESIDENTIAL DECREE NO.15

DECREE

AMENDING PRESIDENTIAL DECREE NO. 1623

1*

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 Legree No. 1623 are hereby amended to read as follows:

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

He had not been convicted of a crime involving moral turpitude;

2.

He is not afflicted with any loathsome, dangerous or contagious disease;

3. He has not 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 the Special Investors Resident Visa, an alien shall be entitled to reside in the Philippines while his investment subsists.