Republic Act No. 1403: An act to facilitate the entry into the philippines as international traders of nationals of the united states

In plain language

Republic Act No. 1393 facilitates the entry of United States nationals and their families into the Philippines as non-immigrant traders or investors, based on reciprocity, by allowing them to be classified under Section 9(d) of the Philippine Immigration Act if they are engaged in substantial trade or capital investment.

Allows U.S. nationals and their families to be classified as non-immigrants for substantial trade or investment.

Classifies them under Section 9(d) of the Philippine Immigration Act if eligible for visa and admissible.

Requires that entry be solely for trade or investment activities.

immigration

trade

investment

U.S. nationals

REPUBLIC ACT No. 1403

An Act to Amend Section Thirteen of Republic Act Numbered Seven Hundred and Twenty, Entitled "An Act Providing for the Creation, Organization and Operation of Rural Banks, and for Other Purposes"

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Section thirteen of Republic Act Numbered Seven hundred and twenty is hereby amended by adding a new paragraph thereof, to read as follows:

"In normal times, the Central Bank may rediscount against paper evidencing a loan granted by a rural bank to any of its customers which can be liquefied within a period of two hundred and seventy days.

Section 2

This Act shall take effect upon its approval.

Approved: September 9, 1955.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.