Monetary and fiscal policies affecting foreign investments

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Part of Business Day Special Report

Title: Monetary and fiscal policies affecting foreign investments
Creator: Bulaong, Ofelia V.; Policar-Baustista, Eva
Language: English
Source: Business Day Special Report March 27, 1974
Year: 1974
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Fulltext: March 27,1974 Business Day MONETARY AND FISCAL POLICIES AFFECTING FOREIGN INVESTMENTS Prepared by OFELIA V. BULAONG and EVA POLICAR-BAUTISTA Board of Investments The new order has brought about changes in both monetary and fiscal policies affecting foreign investments. These changes cover the broad areas of foreign borrowings, foreign investments, and invisible transactions. A compilation of these new rules have been prepared by the Board of Investments as a guide to those desiring to do business in the Philippines particularly in BOI joint-venture areas. The more pertinent fiscal and monetary regulations affecting foreign investments as they affect BOI-register ed companies are as fol lows: FOREIGN BORROWINGS A. Prior Central Bank Approval Required for New Borrowings: All foreign borrow ings (in .cash or in kind) contracted after February 21, 1970 shall be subject to prior approval by the Central Bank, Such borrowings shall be governed by regu lations promulgated by the Monetary Board. B Minimum Term for Approval: The follow ing minimum terms for foreign borrow ings have been laid down by the Mone tary Board: 1. Interest Rate a For Private Sector Borrowings — not more than 2 per cent over the prime rate of the lending country. b. For Government Borrowings Under Republic Act (R.A.) 6142 - not more than those imposed or charged by the International Bank for Reconstruction and Development (IBRD), the Asian Development Bank (ADB), or other reputable interna, tional organization or non-govern. mental national or international lend ing institutions. c. For Other Govern ment Borrowings — borrowings by government agenc ies, corporations and instrument alities under the authority of their respective charters shall, in general, carry an interest rate of not more than 2 per cent over the prime rate of the lending country. 2. Minimum Repayment Terms a. For Private Sector Borrowings $250,000 or less — 5 years, payable in equal annual installments to commence one year after shipment or draw down date. Over $250,000; $500,000 — 8 years, payable in equal annual installments. Over $500,000 - 12 years, payable in equal annual installments. Applications exceed ing $500,000 with at least 8 years terms inclu sive of a 3-year grace period on repayments shall, however, be allow ed for export industries. (1)Minimum repayment terms for Central Bank - certified ex port oriented indus tries and industries registered by BOI under the Export In centives Act: Amount of Application Repayment Period Up to $50,000 3 years Over $50,000 $150,000 4 years Over $150,000 to $250,000 5 years (2)Minimum repayment terms for foreign borrowings of BOIapproved pioneer in dustries and enter prises engaged prima rily in the manufac ture/production of export products: Amount of Application Repayment Period Up to $25,000 3 years Over $25,000 to $100,000 4 years Over $100,000 to $250,000 5 years b. For Government Borrowings — Un der R.A. 6142 - 10 years or longer. c. For Other Govern ment Borrowings — shall, in general, adhere to the minim repayment terms required for private sector borrowings. C. Computation of the Grace Period and Maturity Period: The grace period is gener ally determined from the date of shipment in the case of sup pliers' credit and the inward remittance date in the case of cash loans. In cases where the date of shipment or inward remittance may fall prior to the Central Bank approval of the foreign credit, then the grace period shall commence from the date of such approval, period of loans shall also be reckoned from the same dates. D. Unallowable Foreign Borrowings: 1. Applications to lyail of foreign cre dits shall not be given due course in the fol lowing cases: fl. Where the proposed project expands the capacity of over crowded industries; or b. Wh ere the ac counts of the ap plicant firm and/or its principal offi cers and stock holders with gov ernment financial institutions are in arrears. 2. Applications for availment of medium and long-term credits that require the execution of promis sory notes with short er maturity periods which shall be subject to periodic renewals under certain condi tions shall not be given due course. 3. Authorized agent banks shall not incur additional foreign obligations except those arising from normal international trade transactions. E. Prescription of Cen tral Bank Approvals — Starting on Nov ember 17, 1970, Cen tral Bank approvals for proposed availments of foreign cre dits shall have a pres cription period of 90 days, subject to ex tension for another 90 days upon sub mission of proofs that negotiations are in progress and are given a reasonable chance of success. F. Inward Remittance of Cash Loans — Pro ceeds of cash loans shall be sold by the recipients to autho rized agents (such as commercial banks) of the Central Bank within 3 business days following re ceipts of the foreign exchange from such cash loans. Such pro ceeds shall be in cur rencies prescribed to form part of the international reserve. G. Amortization of Loans in Accordance with Loan Contracts — Amortization of foreign loans shall be in accordance with the terms of the IP That the one company in the Philippines which has pioneered in the manufacture and supply of Sodium Tripolyphosphate is PPI. Polyphos phates, Inc. Tell Asia. POLYPHOSPHATES, INC. CORPORATE AFFILIATES: CHEMICAL INDUSTRIES OF THE PHILIPPINES, INC. CHEMICAL BULK CARRIERS, INC. • LMG CHEMICALS, INC. E. S. GARCIA DEVELOPMENT CORP. • VISION INSURANCE CONSULTANTS, INC. 5TH & 6TH FLOORS. SIKATUNA BLDG., AYALA AVE., MAKATI. RIZAL P.O. BOX 358 MAKATI • CABLE ADDRESS: CHEMPHIL. MANILA • TELEX NO. 7222236 CIP PH TEL .NOS.: 88-19-61, 88-19-62. 88-19-63. 88-19-64. & 88-19-65 lell Asia. covering loan con tracts approved by the Central Bank. The foreign exchange needed to meet such amortizations shall be purchased from authorized agent banks of the Central Bank. H. No Voluntary Pre payments on Loan Allowed — To ensure that debt-service pro jections of the Cen tral Bank comply with the requirements of R.A. 6142, pre-, payments of foreign borrowings are not generally allowed. /. Service Commitment Guarantee and Other Incidental Fees — Such charges are ap. proved on a case-tocase basis provided the amount or rate of the fee or charge is reasonable. J. Registration of- Loan Agreements — The Central Bank shall require as a condition to the approval of all applications, including those previously ap proved, the regis tration of the covering loan and credit agree ments within 2 weeks after the date of their execution. Only Central Bankregistered foreign obligations shall be serviced by author ized agent banks. K. Registration of Availments on Foreign Credits — Availments on foreign loans are required to be regis tered with the Central Bank. £. Preferred Borrowers — In evaluating the desirability of new borrowings, prefer ence shall be given to foreign borrowings of the following: 1. Export-oriented industries, certified as Bank, which may be any of the following: ftge32 Business Day March 27, 1974 a. Firms belonging to industries the major portion of whose output is destined for export - i.e., sectors recog nized to be en gaged in the actual production for ex port of indigenous agricultural, forest (except logging), mineral, and marine products; b. Firms engaged in the processing or manufacture of finished products, chiefly for export ation, or with an export potential as evidenced by a re cord of export ation or export contracts, in which at least 70 per cent of total raw materials used con sist of indigenous raw materials, pro vided at least 50 per cent of the total production is • destined for ex port; c. Firms engaged in Manufacturers' manufacturer TV TUNERS, YOKES, FLYBAC TRANSFORMERS ANTENNAS @ CWioweafitH MANDALUYONG, RIZAL • TEL. 78-38-55 ASK FOR INDUSTRIAL AND COMMERCIAL SALES OPERATIONS the processing or manufacture of finished products in which the actual or potential net foreign exchange earnings (total foreign exchange earned out of the exportation of the product less total foreign exchange required to pro duce the finished product and to ser vice the operations of the firm) of each individual firm a year shall not be less than $20,000. 2. Board of Invest ments (BO I)-approved industries; 3. Non-export orient ed industries not util izing domestic credit resources; 4. Firms utilizing rela tively labor-intensive methods; and 5. Firms implement ing geographical dis persion (i.e., location outside Metropolitan Manila)M. Stand-by ,L/Cs Cover ing Foreign Credit Lines of Domestic Entities Other Than Commercial Banks — The following are the regulations on the treatment and/or ser vicing of stand-by let ters of credit (L/Cs) covering foreign cre dit lines of domestic entities other than commercial banks. 1. Opening of stand by letters of credit to cover credit lines shall be considered as new foreign borrowings and shall be subject to prior Central ap proval. 2. Stand-by letters of credit to cover credit lines which provide for availments or uti lizations to be repay able and/or renewable on periodic basis shorter than the stated maturity periods including stand-by letters of credit providing for yearly confirmation and containing an acceleration clause, shall not be given due course. Deferred and stand-by letters of credit covering Cental Bank-approved loans contracts with fixed amortization sche dules, which, under accepted international banking procedures, may be subject to yearly confirmation are not included. 3. Renewal of utilized balances of credit lines covered by stand-by letters of credit opened and to the extent of the amount availed of under the credit line prior to the effect ivity of Circular 315 (December 1, 1970) may be given due course in accordance with the original terms and to the ex tent of the stated maturity of the credit line. 4. Unutilized balances against credit lines covered by stand-by letters or credit opened prior to the effectivity of Circular 315 shall be deemed automatically can celled and the cover ing stand-by letter of credit amended ac cordingly. N. Withholding Tax on Interest on Foreign Loans — Interest pay ments on foreign loans are subject to a 15 per cent with holding tax. O. Financing of Bulk Rice Processing and Storage Facilities - The following policy guidelines on the fin ancing of bulk rice processing and storage projects were ap proved. by the Mone tary Board. 1. No government agency or any finan cial institution, either government or pri vate, shall negotiate or secure loans or credits for bulk rice processing and sotorage facilities; 2. Opening of letters of credit or the im portation of bulk processing and storage equipment which can be supplied under the IBRD program, or the negotiation or con clusion of purchase contracts, therefor, shall not be given due course; and 3. All requests for financing of bulk rice processing and storage projects and those projects for conven tional warehousing and milling with a storage capacity of 40,000 cavans and above shall be referred to the Grain Process ing Unit of the DBP for evaluation and possible inclusion under the IBRD pro gram. P. Debt-Equity Ratio Requirement - Gene rally, firms availing of foreign credit shall maintain a debt equity ratio of at least 75:25 for the duration of the cre dit. Q. Rate of Exchange Applicable to Loan Repayments - Re payments of principal and interest on for eign loans approved by the Central Bank shall be serviced at the rate of exchange prevailing at the time of the remittance of such repayments. Export deduction privilege A. Who May Avail of the Privilege — Only export-oriented indus tries may avail of the export deduction pri vilege to cover repay ment of new foreign borrowings. B. Requirements for the Grant of the Privilege — Export-oriented in dustries may subject to Central Bank ap proval, negotiate for the procurement of machinery, equip ment, raw materials and supplies from ab road through an ex port-deduction ar rangement, provided that: 1. Such items are not available locally; 2. The foreign oblig ation conforms to existing regulations governing foreign bor rowings; 3. The machinery, equipment, raw mate rials or supplies to be imported shall be for the exclusive use of the applicant for the production, process ing or manufacture of the export product; 4. The total amount of the deductions during any given quarter shall not ex ceed the total amor tizations, including interest, falling due during said quarter in accordance with the terms of the pertinent contract approved by the Central Bank plus the value of raw materials and supplies needed for normal operations. All re ports of foreign sales covering shipment with deduction fea tures shall be referred to the Export Depart* ment, Central Bank for prior approval .The exporter shall also submit regular and periodic reports of his shipments and pay ments in a form precribed by the Central Bank. C. Inward Remittance Required-AW export proceeds including the deductible amounts, should first be inward-remitted. (In cases where the shipment from which the deduction is to be made is proximate to the scheduled amor tization of an ap proved obligation to which said deduction is to be applied, spe cific exception may be allowed on a caseto-case basis). D. Allowable Rates of Deduction — In the procurement of machinery as replace ment for fully depre ciated equipment, the rate of deduction shall not exceed 15 per cent of the FOB value of each export shipment. For the procurement of machinery, equip ment, raw materials and supplies for a new project, the rate of deduction shall not exceed 50 per cent of the FOB value of each export shipment from the new project. For the procurement of machinery, equip ment, raw materials xrch 27,1974 Business Day fage 33 and supplies for a new project, the rate of deduction shall not exceed 50 per cent of the FOB value of each export shipment from the new project u expression. The phrases "shall not exceed 50 per cent" or "shall not exceed 15 per cent of export shipments" ' constitute the maxi mum ceilings of de ductible amounts t from any shipment, **^and such amounts should be further delimited by the total amortization falling ’ due within one year of the foreign loan to which such deduc tions are applicable. FOREIGN INVESTMENTS "A. Prior Central Bank Approval Required — No new inward foreign investments (in cash or in kind) , made after February 21, 1970 shall be made without prior \ Central Bank approv al. Such investments r shall be subject to re gulations promulgated by the Monetary Board. 6. Preferred Investment Areas — In evaluating the desirability of new investments, preference shall be given to: 1. Ex port-oriented industries; 2. BO I-approved in dustries; 3. Non-export orient ed industries not util izing domestic credit resources; 4. Firms using rela tively labor-intensive methods; ’ 5. Firms implement ing geographic dis persion (i.e., location ' outside Metropolitan i Manila). C. Prohibited Fields of In vestments — Applica tions for new foreign investments in fields certified by the BOI to have excess capacity shall not be given due course. Application for new foreign investments in fields certified by the BOI to have excess capa city shall not be given due course. D. Investments in Firms Engaged in OH Ex ploration and Drilling — Philippine firms engaged in oil explor■ ation and oil drilling shall raise all the for eign exchange resour ces needed to meet the foreign exchange costs of their projects through sale of the firms' shares of stock abroad and/or through other means of participation of foreign partners and associates In the ven ture. Clearance from CB-MEDIAD Is neces sary for all applic ations for purchase of forex and/or L/C openings. E. Investments in Firms Engaged in Oil Refin ing — Any new for eign exchange applic ation to be acted upon for the first time needs prior clearance of the Oil Industry Commission. F. Investments in Philip pine Domestic Secu rities — Philippine domestic securities refer to shares of stock of domestic corp orations listed in duly authorized Philippine stock exchanges as well as bond issue of the National Govern ment also listed in such exchange. Such investments, in for eign currency, may be made by non-resi dents through inward remittance and by depositors under the Philippine Currency Deposits System by withdrawal from the foreign currency ac count. G. Central Bank Valua tion of Investment Prior to Registration — As a matter of policy, foreign invest ments in the form of capital equipment and supplies with a value of more than $100,000 shall, upon arrival of the capital equipment and sup plies, and prior to the registration of the foreign investments, be subject to valua tion by Central Bankdesignated experts, at the expense of the applicant concerned. H. Rate of Exchange on Remittance of Profits, Dividends and Repat riation of Investments — Transfer or remit tance of profits and dividends abroad by non-residents on their investments in the Philippines and re patriation of such foreign investments shall e serviced at the rate of exchange pre. vailing at the time of remittance. Investments repatriation Application for the regis tration and repatriation of foreign investments shall be considered in ac cordance with the follow ing guidelines: A. Foreign investments existing as of March 15, 1973 and duly registered with the Central Bank of the Philippines — 1. Investments in CB-certified export oriented industries may be repatriated in full or 'in annual ins tallments to the ex tent of the applicant's share in net foreign exchange earnings of the firm for the pre ceding year. By "net foreign exchange earnings" is meant the total foreign ex change earnings from export of the product less total foreign ex change required to finance production of export sales, oper ation and servicing of the applicant's firm prorated to his share in the total invest ment. 2. Investments in BOI-registered enter prises — a. I nvestments in BOI-registered enter prises engaged in pro duction of import substitute and/or ex port-items, but not qualified as CBcertified exportoriented industries, may be repatriated in accordance with any of the following alter natives, whichever is less on annual basis: * to the extent of • the total net for eign-exchange earn ings starting one (1) year after liqui dation of invest ment; or * in 3 equal an nual installments starting one (1) year after liquid ation of invest ment. b. I n vestments in BOI-registered enter prises not engaged in production of import substitute items, may be repatriated in four (4) equal annual ins tallments starting one (1) year after liquid ation of investments. 3. Investments in other industries (e.g., industries not falling under Nos. 1 and 2 above) a. Investments in in dustries which did not utilize domes tic credit resources may be repatriated on the same basis as BOI-registered industries not en gaged in produc tion of import substituting items (No. 25 above) b. Investments in all other industries may be repatriated in accordance with the following sche dules: $250,000 or less — (5) equal annual installments after liquidation of the investments Over ’ $250,000 to $500,000 -Seven (7) equal annual installments after liquidation of the investments Over $500,000 - Nine (9) equal annual installments after liquidation of the investments. 4. During the interim period between the sale of the invest ments and actual repatriation, the pro ceeds of cash sale may, while awaiting the scheduled repat riation, be invested by the foreign inves tors in the following: a. Foreign currency deposits under Central Bank Cir cular 343; b. Government secu rities; and/or c. Shares of stocks in B OI -registered or CB-certified export-oriented in dustries. B. Foreign cash invest ments made after March 15, 1973 - 1. Foreign cash in vestments made in.(a) CB-certified export oriented industries, or in (b) BOI-registered enterprises and in (c) Central Bank-ap proved Philippine securities listed in the local stock exchanges shall be registered with the Central Bank through the commer cial bank in which the inward remittance of the cash invest ment was effected. The request for regis tration shall be made in a form prescribed for the purpose and shall be coursed Our story in three words: PIONEERING. GROWTH. LEADERSHIP. From six employees in 1931, we have grown into an industrial complex with over 3,000 employees, assets of 1*70 million and sales in excess of Pl20 million. Starting in machinery Sales during the pre-war mining boom, we have since become exclusive distributors for many of the world’s leading industrial equipment manufacturers. Later in the thirties, we expanded into steel construction; today, we are the largest suppliers of LPG pressure vessels and alloy pipe welding services. Our new P6-million fabricating plant is the biggest in the industry. During the fifties, we established oqr alloy steel foundry and later pioneered the use of induction melting. Through continuous modernization, our foundry has gained undisputed leadership — in size and facilities, in sales and technology, and in product quality and service. Our continuing goal: pioneering, growth and leadership — in every field we have chosen, and in every field we may choose in the years to come. Page 34 Business Day March 27,1974 through any local bank through which the foreign cash in vestrrients were in wardly remitted or deposited either un der Central Bank Cir cular Nos. 304 or 342 or through ordinary commercial channels. 2. Upon verification of complaince with the qualifying require ments in No. 11-1 above, the foreign cash investment above may be swapped without forward cover for pesos with the Central Bank by the local bank con cerned for a mini mum period of three (3) months and a maximum of three (3) years, subject to renewal at the option of the foreign inves tors 3. Repatriation of the foreign cash invest ments referred to herein less losses, if any, may be made at any time by the for eign investors, subject to the terms and con ditions of the swap arrangement between the handling bank and the Central Bank. 4. Foreign cash in vestments in other industries, e.g., in in dustries outside of —those that are CB-certified export oriented or are BOI-registered, and in non-listed Phil ippine securities, and foreign investments made in kind instead of cash, in any in dustry, shall continue to be governed by existing Central Bank regulations. C. Repatriation of For eign Investment Capi tal of OH Companies — Any application for repatriation of capital for oil companies need prior clearance of the Oil Industry Commission. Remittance of Profits and Dividends or In vestments as of March 15, 1973 and those made Thereafter — The transfer or remit tance of profits and dividends abroad by non-residents corres ponding to the non resident's share in the net profits on foreign investments realized, after taxes, during the year for which the remittance of the earnings is being made, shall be subject to the following rules: 1. Rem ittances of profits before the end of the fiscal/calendar year are not allowed. In aother words, no interim profits are allowed to be remit ted. 2. Remittances of profits and dividends accruing to non-resi dents out of net pro fits realized begin nings January 1, 1973 shall, net of taxes, be allowed in full at the prevailing exchange rate. 3. Remittances of unremittable profits/ dividends on account of the 25 per cent $250,000 $500,000 $750,000 limitation shall with prior Central Bank clearnce be allowed after withholding tax, provided, however, that such remittances shall not be financed by domestic borrow ings. Domestic borrowings shall be limited to bor rowings from any bank ing, financial or credit institution. The schedule of remittance must be drawn up in conformity with the following mini mum remittance periods: Aggregate Amount Per Firm Minimum Remittance Period 100,000 and less 2 months Over $100,000 to 4 months Over $250,000 to 8 months Over $500,000 to 12 months Over $750,000 to $1,000,000 16 months Over $1,000,000 to $1,500,000 20 months Over $1,500,000 24 months 4. Capital gains, pro fits and dividends, net of taxes, if any, real ized by foreign invest ments made in Cen tral Bank-approved Philippine securities listed in the local stock exchange shall be remittable in full at the prevailing rate of exchange. A. Remittance for exist ing obligations regist ered with CB prior to November 26, 1969 — Resident companies which have existing foreign obligations re gistered with CB prior to November 26, 1969 may remit inte rest abroad. B. Remittance for exist ing obligation not re gistered with CB prior to November 26, 1969 — Approval and registration with CB is necessary. INVISIBLE TRANSACTIONS A. What Constitutes Invi sible — The term re fers to forex transact ions, arrangements or business arrangements or business operations which are generally non-trade in nature. Non-trade arrangements involve or re quire rendition of services by private re sident persons, firms, associations or corpor ations with private non-resident person, firms associations or corporations situated abroad. B. Mode of Payment — Payment may be in pesos or any foreign currency acceptable to Central Bank. C. Reports to CB re quired on forex earn ings, acquisition or re ceipts — The follow ing resident persons, firms, or corporations shall render a quarter ly report to the foreign Exchange Dep artment of the CB not later than 15 days after the end of each calendar quarter on forex earnings, acqui sition or receipts sold to authorized agent banks: 1. Agents or branch offices of foreign ship ping and airline com panies; 2. Shipbuilders, ship repairers, or ship chandlers providing supplies to a tendering services to foreign owned or operated vessels. 3. Shipping or airline firms, agencies or per sons, providing or supplying crew mem bers to foreign owned or operated vessels or aircrafts; 4. Indentors, commis sion agents, or Philip pine representatives of foreign firms; 5. Insurance com panies or insurance agencies engaged in foreign insurance and reinsurance business, or engaged in insur ance business abroad through overseas branch offices or agencies; 6. Construction firms, engineering firms, architectural firms, and labor contractors undertaking jobs at U.S. military, naval or air bases, or other United States estab lishments in the Phil ippines, or undertak ing jobs abroad. 7. Oil companies en gaged in selling avia tion gasoline bunker oil and/or other oil products to aircrafts of foreign airline com panies or vessels of foreign shipping com panies; 8. Recipients of foreign exchange rep resenting payment of royalties, firm, tele vision, and other ren tals; 9. Receipts of foreign exchange from non residents pursuant tc other contracts o1 services. A. Remittance by Oil Companies — Prior clearance is needed from the Oil Industry Commission. B. Royalties and Rentals on Patents, Trade and Copyrights - Remit tance or royalties or rentals on patents# trademarks and copy rights may be allowed net of the withholding tax up to 50 per cent* of the royalties or rentals incurred during the year for which the-* remittance is being made, provided, that no royalty remittance should exceed 5 per cent of the wholesale price of the commo dity which is man ufactured locally under a royalty con. * tract. C. Technical Service Fee — Remittance of tech nical service fees are allowed to the extent provided for in the technical service agree-'* ment. D. Remittances of Filr Earnings & Rentals — Remittance of the producers' shares of earnings made or movie films and rent tals on television films imported without ex-* change payments may be allowed up to 50 per cent of the prd^ ducers' shares of earn ings or of TV film rentals during the year for which the remit tance is being made. YEARS IN THE PROMOTION OF THE •PINE WOOD INDUSTRY I-1974 aww -the respected brand in world markets / INDEX TO ADVERTISERS Abbott Laboratories RCBC .................... Philippine Petroleum imperial Textile .... Makati Leasing .... GM Torana ............ Olasahar Oil............ Delta Motor............ Chrysler................... General Electric .... Rustan Investment................15 Matling Industrial ................22 Mabuhay Vliiyl ....................20 Manuel Nieto........................ 23 Mondragon Industries........... 17 Ramie Textile........................17 Phil. Carpet.......................... .17 Synthetic Textile..................26 Nlssho-lwei ..........................17 Francisco Motors..................11 PICOP.................................. 15 Marla Cristina Chemicals . . .2$ PDCP....................................13 AG & P...............................25 Radiowealth .......................32 Engineering Equipment . ■ ■ .3S Atlas Copco.........................24 Genbacor.............................14 Apex Mining.......................1* Riverside Marketing.............30 Elizalde «, Co.......................20 Kasten International.......... 11 Industrial Technologists . . .15 Delgado Brothers............... .14 Process Operations. . Mlnolco . . ............. Mitsubishi ............ Eastern Textiles . . . UPPC..................... Consolidated Foods Corp. . .26 Phil. Agriculture ................ .34 GAMI ..................................11 Chemical Industries............ .31 Lepanto Mining................... 28 Sta. Clara Lumber...............34 Genalum ............................... 9 Metalux................................. 9 Atkins Kroll ......................... 9 l/l/e are doing our share — The PHILIPPINE AGRICULTURAL AVIATION CORPORATION 10th floor, J.M.T. Building, 6764 Ayala Avenue, Makati, Rizal Telephones: 88-47-61 e 88-47-69 e 88-47-60 PAAC contributes intensively in aerial agricultural spraying of rice, bananas, and other important Philippine crops. PAAC provides a solid support to the agricultural revolution of the New Society in line with Board of Investments’ activities to restructure the country’s industrial pattern. Address Reply to: P.O. Box 152 MAKATI COMMERCIAL CENTER Makati, Rizal
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