Guidelines on Compliance with the Filipino-Foreign Ownership Requirements Prescribed in the Constitution, Securities and Exchange Commission Memorandum Circular No. 8, Series of 2013 (Philippines)
Covered corporations which are required, wholly or partially, to be owned by Philippine nationals must comply with the constitutional or statutory ownership requirements. The required percentage of ownership shall apply to both the total number of outstanding shares of stock entitled to vote in the election of directors, and the total number of outstanding shares of stock, whether or not entitled to vote in the election of directors.