Section 6Sec./Art. 6

Financing Companies. - Section 6 of Republic Act o. 8556, otherwise known as the "Financing Company Act of 1998", is hereby amended to read as follows:

"Sec. 6.

Form of Organization and Capital Requirements. - Financing companies shall be organized in the form of stock corporations, may be owned up to one hundred percent (100%) by foreign nationals, and shall have a paid-up capital of not less than ten million pesos (₱10,000,000.00) in case the financing company is located in Metro Manila and other first class cities, five million pesos (₱5,000,000.00) in other classes of cities and two million five hundred thousand pesos (₱2,500,000.00) in municipalities: Provided, That the Securities and Exchange Commission may adjust said minimum paid-up levels as it deems warranted by its prudential oversight requirements and consistent with the objectives of this Act: Provided, However, That financing companies duly existing and in operation before the effectivity of this Act shall comply with the minimum capital requirement within one (1) year from the date of the said effectivity; and Provided, further, That where land is concerned, the financing company shall comply with the constitutional provision on foreign ownership of land."