Section 40January 26, 1990, Sec./Art. 40

Employment of Foreign Nationals. - Subject to the provisions of Section 29 of Commonwealth Act No. 613, and the Anti-Dummy Law, as amended, the Islamic Bank may employ foreign nationals in supervisory, technical or advisory positions for a period not exceeding five (5) years extendible for limited periods upon the recommendation of the Governor of the Central Bank.

Foreign nationals under employment contract within the purview of this Act, their spouses and unmarried children under twenty-one (21) years of age, who are not excluded by Section 29 of Commonwealth Act No. 613, shall be permitted to enter and reside in the Philippines during the period of employment of such foreign nationals.