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FOREIGN CORPORATION — Those formed, organized, or existing under any laws other than those of the Philippines and whose laws allow Filipino citizens and corporations to do business in its own country or state [Sec. 140].. 

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FOREIGN CORPORATION  — Those formed, organized, or existing under any laws other than those of the Philippines and whose laws allow Filipino citizens and corporations to do business in its own country or state  [Sec. 140].

Doctrine of DOING BUSINESS. - When a foreign corporation undertakes business activities within the territorial jurisdiction of a host state, then it ascribes to the host state standing to enforce its laws, rules and regulations. - Said business activities serves as the basis by which a host state is deemed to have authority over a foreign corporation within its territorial jurisdiction.. 

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-  When a foreign corporation undertakes business activities within the territorial jurisdiction of a host state, then it ascribes to the host state standing to enforce its laws, rules and regulations.   - Said business activities serves as the basis by which a host state is deemed to have authority over a foreign corporation within its territorial jurisdiction.

WHERE LICENSE ISSUED BEFORE EFFECTIVITY. Every foreign corporation, which on the date of the effectivity of this Code, is authorized to do business in the Philippines under a license issued to it, shall continue to have such authority under the terms and conditions of its license, subject to the provisions of this Code and other special laws [Sec 141, RCC].. 

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Every foreign corporation, which on the date of the effectivity of this Code, is authorized to do business in the Philippines under a license issued to it, shall continue to have such authority under the terms and conditions of its license, subject to the provisions of this Code and other special laws  [Sec 141, RCC].

Requisites for issuance of a license. A foreign corporation shall submit: 1. A copy of its articles of incorporation and bylaws, certified in accordance with law, and 2. Their translation to an official language of the Philippines, if necessary. [Sec 142, RCC]. 

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A foreign corporation shall submit:  1. A copy of its articles of incorporation and bylaws, certified in accordance with law, and 2. Their translation to an official language of the Philippines, if necessary.  [Sec 142, RCC]

CONTENT OF THE APPLICATIONS. (a) The date and term of incorporation; (b) The address, including the street number, of the principal office of the corporation in the country or State of incorporation; (c) The name and address of its resident agent authorized to accept summons and process in all legal proceedings and all notices affecting the corporation, pending the establishment of a local office; (d) The place in the Philippines where the corporation intends to operate;. 

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(a) The date and term of incorporation;  (b) The address, including the street number, of the principal office of the corporation in the country or State of incorporation;  (c) The name and address of its resident agent authorized to accept summons and process in all legal proceedings and all notices affecting the corporation, pending the establishment of a local office; (d) The place in the Philippines where the corporation intends to operate;

CONTENT OF THE APPLICATIONS. (e) The specific purpose or purposes which the corporation intends to pursue in the transaction of its business in the Philippines: Provided, That said purpose or purposes are those specifically stated in the certificate of authority issued by the appropriate government agency; (f) The names and addresses of the present directors and officers of the corporation; (g) A statement of its authorized capital stock and the aggregate number of shares which the corporation has authority to issue, itemized by class, par value of shares, shares without par value, and series, if any; (h) A statement of its outstanding capital stock and the aggregate number of shares which the corporation has issued, itemized by class, par value of shares, shares without par value, and series, if any; ( i ) A statement of the amount actually paid in; and (j) Such additional information as may be necessary or appropriate in order to enable the Commission to determine whether such corporation is entitled to a license to transact business in the Philippines, and to determine and assess the fees payable.. 

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(e) The specific purpose or purposes which the corporation intends to pursue in the transaction of its business in the Philippines: Provided, That said purpose or purposes are those specifically stated in the certificate of authority issued by the appropriate government agency;  (f) The names and addresses of the present directors and officers of the corporation;  (g) A statement of its authorized capital stock and the aggregate number of shares which the corporation has authority to issue, itemized by class, par value of shares, shares without par value, and series, if any;  (h) A statement of its outstanding capital stock and the aggregate number of shares which the corporation has issued, itemized by class, par value of shares, shares without par value, and series, if any; ( i ) A statement of the amount actually paid in; and  (j) Such additional information as may be necessary or appropriate in order to enable the Commission to determine whether such corporation is entitled to a license to transact business in the Philippines, and to determine and assess the fees payable.

ACCOMPANYING DOCUMENTS. a copy of its articles of incorporation and bylaws, certified in accordance with law, and their translation to an official language of the Philippines, if necessary Oath of reciprocity. If such such certificate is in foreign language, a translation thereof in English under oath of the translator shall be attached thereto. be accompanied by a statement under oath of the president or any other person authorized by the corporation, showing to the satisfaction of the Commission and when appropriate, other governmental agencies that the applicant is solvent and in sound financial condition, setting forth the assets and liabilities of the corporation as of the date not exceeding one (1) year immediately prior to the filing of the application. 

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a copy of its articles of incorporation and bylaws, certified in accordance with law, and their translation to an official language of the Philippines, if necessary Oath of reciprocity. If such such certificate is in foreign language, a translation thereof in English under oath of the translator shall be attached thereto.  be accompanied by a statement under oath of the president or any other person authorized by the corporation, showing to the satisfaction of the Commission and when appropriate, other governmental agencies that the applicant is solvent and in sound financial condition, setting forth the assets and liabilities of the corporation as of the date not exceeding one (1) year immediately prior to the filing of the application

no application for license to transact business in the Philippines shall be accepted by the Commission without previous authority from the appropriate government agency, whenever required by law.. 

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no application for license to transact business in the Philippines shall be accepted by the Commission  without previous authority from the appropriate government agency, whenever required by law.

ISSUANCE OF A LICENSE TO TRANSACT BUSINESS Upon issuance of the license, such foreign corporation may commence to transact business in the Philippines and continue to do so for as long as it retains its authority to act as a corporation under the laws of the country or State of its incorporation, unless such license is: • surrendered, • revoked, • suspended, or • annulled in accordance with this Code or other special laws. [Sec. 143, RCC]. 

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ISSUANCE OF A LICENSE TO TRANSACT BUSINESS Upon issuance of the license, such foreign corporation may commence to transact business in the Philippines and continue to do so for as long as it retains its authority to act as a corporation under the laws of the country or State of its incorporation, unless such license is: • surrendered, • revoked, • suspended, or • annulled in accordance with this Code or other special laws.  [Sec. 143, RCC]

Deposit of Securities. Within 60 days, the licensee, except foreign banking or insurance corporations, shall deposit with the Commission for the benefit of present and future creditors of the licensee in the Philippines, securities satisfactory to the Commission, consisting of: • bonds or other evidence of indebtedness of the Government of the Philippines, its political subdivisions and instrumentalities, or of government-owned or – controlled corporations and entities, • shares of stock or debt securities that are registered under Republic Act No. 8799, otherwise known as “The Securities Regulation Code”, • shares of stock in domestic corporations listed in the stock exchange, shares of stock in domestic insurance companies and banks, any financial instrument determined suitable by the Commission, or • any combination thereof with an actual market value of at least Five hundred thousand (P500,000.00) pesos or such other amount that may be set by the Commission. [Sec. 143, RCC]. 

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Within 60 days, the licensee, except foreign banking or insurance corporations, shall deposit with the Commission for the benefit of present and future creditors of the licensee in the Philippines, securities satisfactory to the Commission, consisting of: • bonds or other evidence of indebtedness of the Government of the Philippines, its political subdivisions and instrumentalities, or of government-owned or – controlled corporations and entities, • shares of stock or debt securities that are registered under Republic Act No. 8799, otherwise known as “The Securities Regulation Code”, • shares of stock in domestic corporations listed in the stock exchange, shares of stock in domestic insurance companies and banks, any financial instrument determined suitable by the Commission, or • any combination thereof with an actual market value of at least Five hundred thousand (P500,000.00) pesos or such other amount that may be set by the Commission. [Sec. 143, RCC]

Within 6 months after each fiscal year of the licensee, the Commission shall require: ● the licensee to deposit additional securities or financial instruments equivalent in actual market value to 2% of the amount by which the licensee’s gross income for that fiscal year exceeds P10,000,000.00. ● the deposit of additional securities or financial instruments if the actual market value of the deposited securities or financial instruments has decreased by at least 10% of their actual market value at the time they were deposited. [Sec. 143,RCC]. 

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Within 6 months after each fiscal year of the licensee, the Commission shall require: ● the licensee to deposit additional securities or financial instruments equivalent in actual market value to 2% of the amount by which the licensee’s gross income for that fiscal year exceeds P10,000,000.00. ● the deposit of additional securities or financial instruments if the actual market value of the deposited securities or financial instruments has decreased by at least 10% of their actual market value at the time they were deposited. [Sec. 143,RCC]

The Commission may: • at its discretion, release part of the additional deposit if the gross income of the licensee has decreased, or if the actual market value of the total deposit has increased, by more than ten (10%) percent of their actual market value at the time they were deposited. • allow the licensee to make substitute deposits for those already on deposit as long as the licensee is solvent. (Sec 143, RCC). 

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The Commission may: • at its discretion, release part of the additional deposit if the gross income of the licensee has decreased, or if the actual market value of the total deposit has increased, by more than ten (10%) percent of their actual market value at the time they were deposited. • allow the licensee to make substitute deposits for those already on deposit as long as the licensee is solvent. (Sec 143, RCC)

In the event the licensee ceases to do business in the Philippines, its deposits shall be returned: • Upon the licensee’s application therefore; and • Upon proof to the satisfaction of the Commission that the licensee has no liability to Philippine residents, including the Government of the Republic of the Philippines. [Sec. 143, RCC]. 

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In the event the licensee ceases to do business in the Philippines, its deposits shall be returned: • Upon the licensee’s application therefore; and • Upon proof to the satisfaction of the Commission that the licensee has no liability to Philippine residents, including the Government of the Republic of the Philippines. [Sec. 143, RCC]

JOSE M. ROY III , v. CHAIRPERSON TERESITA HERBOSA,THE SECURITIES AND EXCHANGE COMMISSION, AND PHILILIPPINE LONG DISTANCE TELEPHONE COMPANY .. 

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JOSE M. ROY III ,   v.   CHAIRPERSON TERESITA HERBOSA,THE SECURITIES AND EXCHANGE COMMISSION, AND PHILILIPPINE LONG DISTANCE TELEPHONE COMPANY .

FACTS:  Petitioner Roy, filed the petition, assailing the validity of SEC-MC No. 8 for not conforming to the letter and spirit of the  Gamboa  Decision and Resolution and for having been issued by the SEC with grave abuse of discretion. Petitioner Roy seeks to apply the 60-40 Filipino ownership requirement separately to each class of shares of a public utility corporation, whether common, preferred non­voting, preferred voting or any other class of shares. Petitioner Roy also questions the ruling of the SEC that respondent Philippine Long Distance Telephone Company (PLDT) is compliant with the constitutional rule on foreign ownership. He prays that the Court declare SEC-MC No. 8 unconstitutional and direct the SEC to issue new guidelines regarding the determination of compliance with Section 11, Article XII of the Constitution in accordance with  Gamboa . PLDT's compliance with the capital requirement as stated in the  Gamboa  ruling, the petitioners' challenge is premature considering that the SEC has not yet issued a definitive ruling thereon.

ISSUE: Whether the SEC gravely abused its discretion in ruling that PLDT is compliant with the constitutional limitation on foreign ownership.. 

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ISSUE:  Whether the SEC gravely abused its discretion in ruling that PLDT is compliant with the constitutional limitation on foreign ownership.

RULING:  It would be  apropos  to state that since Filipinos own at least 60% of the outstanding shares of stock entitled to vote directors, which is what the Constitution precisely requires, then the Filipino stockholders  control  the corporation,  i.e. , they dictate corporate actions and decisions, and they have all the rights of ownership including, but not limited to, offering certain preferred shares that may have greater economic interest to foreign investors - as the need for capital for corporate pursuits (such as expansion), may be good for the corporation that they own. Surely, these "true owners" will not allow any dilution of their ownership and control if such move will not be beneficial to them.

Ultimately, the key to nationalism is in the individual. Particularly for a public utility corporation or association, whether stock or non-stock, it starts with the Filipino shareholder or member who, together with other Filipino shareholders or members wielding 60% voting power, elects the Filipino director who, in turn, together with other Filipino directors comprising a majority of the board of directors or trustees, appoints and employs the all-Filipino management team. This is what is envisioned by the Constitution to assure effective control by Filipinos. If the safeguards, which are already stringent, fail, i.e. , a public utility corporation whose voting stocks are beneficially owned by Filipinos, the majority of its directors are Filipinos, and all its managing officers are Filipinos, is pro­alien (or worse, dummies), then that is not the fault or failure of the Constitution. It is the breakdown of nationalism in each of the Filipino shareholders, Filipino directors and Filipino officers of that corporation. No Constitution, no decision of the Court, no legislation, no matter how ultra­nationalistic they are, can guarantee nationalism.. 

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Ultimately, the key to nationalism is in the individual. Particularly for a public utility corporation or association, whether stock or non-stock, it starts with the Filipino shareholder or member who, together with other Filipino shareholders or members wielding 60% voting power, elects the Filipino director who, in turn, together with other Filipino directors comprising a majority of the board of directors or trustees, appoints and employs the all-Filipino management team. This is what is envisioned by the Constitution to assure  effective control  by Filipinos. If the safeguards, which are already stringent, fail,  i.e. , a public utility corporation whose voting stocks are beneficially owned by Filipinos, the majority of its directors are Filipinos, and all its managing officers are Filipinos, is  pro­alien  (or worse, dummies), then that is not the fault or failure of the Constitution. It is the breakdown of nationalism in each of the Filipino shareholders, Filipino directors and Filipino officers of that corporation. No Constitution, no decision of the Court, no legislation, no matter how  ultra­nationalistic  they are, can guarantee nationalism.

Resident agent A resident agent may be either: • an individual residing in the Philippines (must be of good moral character and sound financial standing) or • a domestic corporation (must likewise be of sound financial standing and must show proof of good standing) lawfully transacting business in the Philippines. [Sec. 144,RCC]. 

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Resident agent A resident agent may be either: • an individual residing in the Philippines (must be of good moral character and sound financial standing) or • a domestic corporation (must likewise be of sound financial standing and must show proof of good standing) lawfully transacting business in the Philippines.  [Sec. 144,RCC]

Section 145. Resident Agent; Service of Process. - As a condition to the issuance of the license for a foreign corporation to transact business in the Philippines, such corporation shall file with he Commission a written power of attorney designating a person who must be a resident of the Philippines, on whom summons and other legal processes may be served in all actions or other legal processes may be served in all actions or legal proceedings against such corporation, and consenting that service upon such resident agent shall be admitted and held as valid if served upon the duly authorized officers of foreign corporation shall likewise execute and file with the Commission an agreement or stipulation, executed by the proper authorities of said corporation, in form and substance as follows: "The (name of foreign corporation) hereby stipulates and agrees, in consideration of being granted a license to transact business in the Philippines, that if the corporation shall cease to transact business in the Philippines, or shall be without any resident agent in the Philippines on whom any summons or other legal process may be served, then service of any summons or other legal process may be made upon the Commission in any action or proceeding arising out of any business or transaction which occurred in the Philippines and such service shall have the same force and effect as if made upon the duly authorized officers of the corporation at its home office." Whenever such service of summons or other process is made upon the Commission, the Commission shall, within ten (10) days thereafter, transmit by mail a copy of such summons or other legal process to the corporation at its home or principal office. The sending of such copy by the Commission shall be necessary part of and shall complete such service. All expenses incurred by the Commission for such service shall be paid in advance by the party at whose instance the service is made. It shall be the duty of the resident agent to immediately notify the Commission in writing of any change in the resident agent's address.. 

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Section 145.   Resident Agent; Service of Process.  - As a condition to the issuance of the license for a foreign corporation to transact business in the Philippines, such corporation shall file with he Commission a written power of attorney designating a person who must be a resident of the Philippines, on whom summons and other legal processes may be served in all actions or other legal processes may be served in all actions or legal proceedings against such corporation, and consenting that service upon such resident agent shall be admitted and held as valid if served upon the duly authorized officers of foreign corporation shall likewise execute and file with the Commission an agreement or stipulation, executed by the proper authorities of said corporation, in form and substance as follows: "The (name of foreign corporation) hereby stipulates and agrees, in consideration of being granted a license to transact business in the Philippines, that if the corporation shall cease to transact business in the Philippines, or shall be without any resident agent in the Philippines on whom any summons or other legal process may be served, then service of any summons or other legal process may be made upon the Commission in any action or proceeding arising out of any business or transaction which occurred in the Philippines and such service shall have the same force and effect as if made upon the duly authorized officers of the corporation at its home office." Whenever such service of summons or other process is made upon the Commission, the Commission shall, within ten (10) days thereafter, transmit by mail a copy of such summons or other legal process to the corporation at its home or principal office. The sending of such copy by the Commission shall be necessary part of and shall complete such service. All expenses incurred by the Commission for such service shall be paid in advance by the party at whose instance the service is made. It shall be the duty of the resident agent to immediately notify the Commission in writing of any change in the resident agent's address.

Section 146. Law Applicable. - A foreign corporation lawfully doing business in the Philippines shall be bound by all laws, rules and regulations applicable to domestic corporations of the same class, except those which provide for the creation, formation, organization or dissolution of corporations or those which fix the relations, liabilities, responsibilities, or duties of stockholders, members or officers of corporations to each other or to the corporation.. 

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Section 146.   Law Applicable.  - A foreign corporation lawfully doing business in the Philippines shall be bound by all laws, rules and regulations applicable to domestic corporations of the same class, except those which provide for the creation, formation, organization or dissolution of corporations or those which fix the relations, liabilities, responsibilities, or duties of stockholders, members or officers of corporations to each other or to the corporation.

Section 147 . Amendments to Articles of Incorporation or Bylaws of Foreign Corporations. - Whenever the article of incorporation or bylaws of a foreign corporation authorized to transact business in the Philippines are amended, such foreign corporation shall, within sixty (60) days after the amendment becomes effective, file with the Commission, and in proper cases, with the appropriate government agency, a duly authenticated copy of the amendment articles of incorporation or bylaws, indicating clearly in capital letters or underscoring the change or changes made, duly certified by the authorized official or officials of the country or State of incorporation. Such filing shall not in itself enlarge or alter the purpose or purposes for which such corporation is authorized to transact business in the Philippines.. 

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Section 147 .   Amendments to Articles of Incorporation or Bylaws of Foreign Corporations.  - Whenever the article of incorporation or bylaws of a foreign corporation authorized to transact business in the Philippines are amended, such foreign corporation shall, within sixty (60) days after the amendment becomes effective, file with the Commission, and in proper cases, with the appropriate government agency, a duly authenticated copy of the amendment articles of incorporation or bylaws, indicating clearly in capital letters or underscoring the change or changes made, duly certified by the authorized official or officials of the country or State of incorporation. Such filing shall not in itself enlarge or alter the purpose or purposes for which such corporation is authorized to transact business in the Philippines.

Amendment of license. A foreign corporation shall obtain an amended license in the event it changes its corporate name, or desires to pursue other or additional purposes in the Philippines. Said amendment may be made by submitting an application with the Commission, endorsed by the appropriate government agency. [Sec.148, RCC] When a foreign corporation changes its corporation name When a foreign corporation desires to pursue in the Philippines other or additional purposes. 

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A foreign corporation shall obtain an amended license in the event it changes its corporate name, or desires to pursue other or additional purposes in the Philippines. Said amendment may be made by submitting an application with the Commission, endorsed by the appropriate government agency.  [Sec.148, RCC] When a foreign corporation changes its corporation name When a foreign corporation desires to pursue in the Philippines other or additional purposes

Section 149. Merger or Consolidation Involving a Foreign Corporation Licensed in the Philippines. - One or more foreign corporations authorized to transact business in the Philippines may merge or consolidate with any domestic corporation or corporations if permitted under Philippine laws and by the law of its incorporation: Provided, That the requirements on merger or consolidation as provided in this Code are followed. Whenever a foreign corporation authorized to transact business in the Philippines shall be a party to merger or consolidation in its home country or State as permitted by the law authorizing its incorporation, such foreign corporation shall , within sixty (60) days after the effectivity of such merger or consolidation , file with the Commission, and in proper cases, with the appropriate government agency, a copy of the articles of merger or consolidation was effected: Provided, however, That if the absorbed corporation is the foreign corporation doing business in the Philippines, the latter shall at the same time file a petition for withdrawal of its license in accordance with this Title.. 

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Section 149.   Merger or Consolidation Involving a Foreign Corporation Licensed in the Philippines.  - One or more foreign corporations authorized to transact business in the Philippines may merge or consolidate with any domestic corporation or corporations if permitted under Philippine laws and by the law of its incorporation:  Provided,  That the requirements on merger or consolidation as provided in this Code are followed. Whenever a foreign corporation authorized to transact business in the Philippines shall be a party to merger or consolidation in its home country or State as permitted by the law authorizing its incorporation, such foreign corporation shall , within sixty (60) days after the effectivity of such merger or consolidation , file with the Commission, and in proper cases, with the appropriate government agency, a copy of the articles of merger or consolidation was effected:  Provided, however,  That if the absorbed corporation is the foreign corporation doing business in the Philippines, the latter shall at the same time file a petition for withdrawal of its license in accordance with this Title.

Doing business without a license. General Rule: No foreign corporation transacting business in the Philippines without a license, or its successors or assigns, shall be permitted to maintain or intervene in any action, suit or proceeding in any court or administrative agency of the Philippines; Exception: but such may be sued or proceeded against before Philippine courts or administrative tribunals on any valid cause of action recognized under Philippine laws. [Sec.150, RCC]. 

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General Rule:  No foreign corporation transacting business in the Philippines without a license, or its successors or assigns,  shall be permitted to maintain or intervene in any action, suit or proceeding in any court or administrative agency of the Philippines; Exception:  but such may be sued or proceeded against before Philippine courts or administrative tribunals on any valid cause of action recognized under Philippine laws.  [Sec.150, RCC]

Section 151. Revocation of License. - Without prejudice to other grounds provided under special laws, the license of a foreign corporation to transact business in the Philippines may be revoked or suspended by the Commission upon any of the following grounds: (a) Failure to file its annual report or pay any fees as required by this Code; (b) Failure to appoint and maintain a resident agent in the Philippines as required by this Title; (c) Failure, after change of its resident agent or address, to submit to the Commission a statement of such change as required by this Title; (d) Failure to submit to the Commission an authenticated copy of any amendment to its articles of incorporation or bylaws or of any articles of merger or consolidation within the time prescribed by this Title; (e) A misrepresentation of any material mater in any application, report, affidavit or other document submitted by such corporation pursuant to this Title; (f) Failure to pay any and all taxes, imposts, assessments or penalties, if any, lawfully due to the Philippine Government or any of its agencies or political subdivisions; (g) Transacting business in the Philippines outside of the purpose or purposes for which such corporation is authorized under its license; (h) Transacting business in the Philippines as agent of or acting on behalf of any foreign corporation or entity not duly licensed to do business in the Philippine; or ( i ) Any other ground as would render it unfit to transact business in the Philippines.. 

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Section 151.   Revocation of License.  - Without prejudice to other grounds provided under special laws, the license of a foreign corporation to transact business in the Philippines may be revoked or suspended by the Commission upon any of the following grounds: (a) Failure to file its annual report or pay any fees as required by this Code; (b) Failure to appoint and maintain a resident agent in the Philippines as required by this Title; (c) Failure, after change of its resident agent or address, to submit to the Commission a statement of such change as required by this Title; (d) Failure to submit to the Commission an authenticated copy of any amendment to its articles of incorporation or bylaws or of any articles of merger or consolidation within the time prescribed by this Title; (e) A misrepresentation of any material mater in any application, report, affidavit or other document submitted by such corporation pursuant to this Title; (f) Failure to pay any and all taxes, imposts, assessments or penalties, if any, lawfully due to the Philippine Government or any of its agencies or political subdivisions; (g) Transacting business in the Philippines outside of the purpose or purposes for which such corporation is authorized under its license; (h) Transacting business in the Philippines as agent of or acting on behalf of any foreign corporation or entity not duly licensed to do business in the Philippine; or ( i ) Any other ground as would render it unfit to transact business in the Philippines.

Section 152. Issuance of Certificate of Revocation. - Upon the revocation of the license to transact business in the Philippines, the Commission shall issue a corresponding certificate of revocation, furnishing a copy thereof to the appropriate government agency in the proper cases. The Commission shall also mail the notice and copy of the certificate of revocation to the corporation, at its registered office in the Philippines. 

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Section 152.   Issuance of Certificate of Revocation.  - Upon the revocation of the license to transact business in the Philippines, the Commission shall issue a corresponding certificate of revocation, furnishing a copy thereof to the appropriate government agency in the proper cases. The Commission shall also mail the notice and copy of the certificate of revocation to the corporation, at its registered office in the Philippines

Section 153. Withdrawal of Foreign Corporations. - Subject to existing laws and regulations, a foreign corporation licensed to transact business in the Philippines may be allowed to withdraw from the Philippines by filing a petition for withdrawal of license. No certificate of withdrawal shall be issued by the Commission unless all the following requirements are met: (a) All claims which have accrued in the Philippines have been paid, compromised or settled; (b) All taxes, imposts, assessments, and penalties, if any , agencies or political subdivisions, have been paid; and (c) The petition for withdrawal of license has been published once a week for three (3) consecutive weeks in a newspaper of general circulation in the Philippines.. 

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Section 153.   Withdrawal of Foreign Corporations.  - Subject to existing laws and regulations, a foreign corporation licensed to   transact business in the Philippines may be allowed to withdraw from the Philippines by filing a petition for withdrawal of license. No certificate of withdrawal shall be issued by the Commission unless all the following requirements are met: (a) All claims which have accrued in the Philippines have been paid, compromised or settled; (b) All taxes, imposts, assessments, and penalties, if any ,  agencies or political subdivisions, have been paid; and (c) The petition for withdrawal of license has been published once a week for three (3) consecutive weeks in a newspaper of general circulation in the Philippines.

TITLE XV