Section 2Sec./Art. 2

Section 3 of R.A. No. 7042 is hereby further amended to read as follows:

"Section 3. Definitions. - As used in this Act:

x x x

(b) The term investment" shall mean equity participation in any enterprise, organized or existing under the laws of the Philippines and duly recorded in the enterprise's stock and transfer book, or any equivalent registry of ownership;

(c) The term foreign investment" shall mean an equity investment made by non-Philippine national in the form of foreign exchange and/or other assets actually transferred to the Philippines and duly registered with the Bangko Sentral ng Pilipinas;

(d) x x x;

(e) x x x;

(f) x x x;

(g) x x x;"

(h) The term practice of profession" shall mean an activity or undertaking rendered and performed by a registered and duly licensed professional or holder of a special temporary permit as defined in the scope of practice of a professional regulatory law; and

(i) The term pipeline transaction" shall mean the sector which includes transport of goods or materials through a pipeline such as crude, refined, petroleum, natural gas, biofuels, and other chemically stable substance."