Section 48Republic Act No. 265 as amended;, Sec./Art. 48

Authority to Do Business. No alien, and no firm association, partnership, corporation or any other form of business organization formed, organized, chartered or existing under any laws other than those of the Philippines, or which is not a Philippine national, or more than forty per cent (40%) of the outstanding capital of which is owned or controlled by aliens shall do business or engage in any economic activity in the Philippines or be registered, licensed, or permitted by the Securities and Exchange Commission or by any other bureau, office, agency, political subdivision or instrumentality of the government, to do business, or engage in any economic activity in the Philippines without first securing a written certificate from the Board of Investments to the effect:

(1) That the operation or activity of such alien, firm, association, partnership, corporation or other form of business organization, is not inconsistent with the Investment Priorities Plan;

(2) That such business or economic activity will contribute to the sound and balanced development of the national economy on a self-sustaining basis;

(3) That such business or economic activity by the applicant would not conflict with the Constitution or laws of the Philippines;

(4) That the field of business or economic activity is not one that is being adequately exploited by Philippine nationals; and

(5) That the entry of applicant therein will not pose a clear and present danger of promoting monopolies or combinations in restraint of trade.