Presidential Decrees1 min read
Section 8Sec./Art. 8
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Concessionaire A concessionaire shall be a Filipino citizen or corporation or partnership at least seventy (70) percent of the capital stock of which is owned or controlled by Filipinos. However, such concessionaire may enter into a service contract with a foreigner or foreign-owned entity to conduct operations under this Decree pursuant to a duly awarded concession.
Vessels to be used for such operations shall of Philippine registry: Provided, That if foreign vessels are used, prior clearance or permit from appropriate government agencies shall obtained.
Concession for precious coral shall be awarded by the Secretary of Natural Resources to the applicant, who on his own or in joint venture with others, possesses the technical and financial capability to put up a processing plant in the Philippines.
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