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    All POGOs SPs - Compliance With The 60-40 Foreign Equity Requirement

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    Bobby Olavides Sebastian
    The memorandum from the Acting Assistant Vice President reminds all POGO licensees and service providers that they must comply with the 60-40 foreign equity requirement set by Executive Order No. 65. They are directed to submit proof of compliance with the requirement to have no more than 40% foreign equity to the Offshore Gaming Licensing Department by May 30, 2021. Failure to comply will result in all transactions with the department being put on hold.

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    All POGOs SPs - Compliance With The 60-40 Foreign Equity Requirement

    Uploaded by

    Bobby Olavides Sebastian
    115 views1 page
    The memorandum from the Acting Assistant Vice President reminds all POGO licensees and service providers that they must comply with the 60-40 foreign equity requirement set by Executive Order No. 65. They are directed to submit proof of compliance with the requirement to have no more than 40% foreign equity to the Offshore Gaming Licensing Department by May 30, 2021. Failure to comply will result in all transactions with the department being put on hold.

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    All POGOs SPs - Compliance with the 60-40 Foreign Equity Requirement

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    All POGOs SPs - Compliance with the 60-40 Foreign Equity Requirement

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    The memorandum from the Acting Assistant Vice President reminds all POGO licensees and service providers that they must comply with the 60-40 foreign equity requirement set by Executive Order No. 65. They are directed to submit proof of compliance with the requirement to have no more than 40% foreign equity to the Offshore Gaming Licensing Department by May 30, 2021. Failure to comply will result in all transactions with the department being put on hold.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    115 views1 page

    All POGOs SPs - Compliance With The 60-40 Foreign Equity Requirement

    Uploaded by

    Bobby Olavides Sebastian
    The memorandum from the Acting Assistant Vice President reminds all POGO licensees and service providers that they must comply with the 60-40 foreign equity requirement set by Executive Order No. 65. They are directed to submit proof of compliance with the requirement to have no more than 40% foreign equity to the Offshore Gaming Licensing Department by May 30, 2021. Failure to comply will result in all transactions with the department being put on hold.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Offshore Gaming Licensing Department

    MEMORANDUM
    April 5, 2021

    TO : ALL CONCERNED POGO LICENSEES AND


    ACCREDITED SERVICE PROVIDERS

    FROM : THE ACTING ASSISTANT VICE PRESIDENT

    SUBJECT : COMPLIANCE WITH THE 60-40 FOREIGN EQUITY


    REQUIREMENT

    Please be informed that Executive Order No. 65, otherwise known as “Promulgating the
    Eleventh Regular Foreign Investment Negative List” requires that foreign equity shall be
    limited only to 40% for all forms of gambling (RA No. 7042 as amended by RA No. 8179)
    except those covered by investment agreements with PAGCOR (PD No. 1869, as
    amended by RA No. 9487)1.

    Considering that investment agreements are applicable only to land-based casinos, all
    concerned POGO Licensees and accredited Service Providers are thus hereby directed
    to ensure compliance with the said foreign equity requirement. Submit to this office proof
    of your compliance not later than May 30, 2021.

    Please be reminded that all your transactions with this Department shall be put on hold
    pending your compliance.

    For your guidance and immediate compliance.

    ATTY. VICTOR Q. PADILLA JR.

    1
    List B: Foreign Ownership is Limited for Reasons of Security, Defense, Risk to Health and Morals and Protection of
    Small and Medium Scale Enterprises

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