Incorporating 99.9% foreign owned Filipino (SEC registered) companies are completely legal. They are constrained in what business is undertaken; one of which is mineral processing and a common use for this type of corporate structure RE; interposing between the 60/40 'Mining Co' which has the MPSA and does all the 'digging' for breakeven costs + small profit margin. Nothing to do with the Anti Dummy Act (although cascading 60/40 ownership structures may get you there....)
60% local ownership requirements by Philippines, page-25
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