Who are considered Philippine nationals?
1. A citizen of the Philippines
2. A domestic partnership or association wholly owned by citizens of the Philippines;
3. Corporations organized under Philippine laws of which 60% of the capital stock outstanding and entitled to vote is owned and held by Filipino citizens;
4. Corporations organized abroad and registered as doing business in the Philippines under the Corporation Code of which 100% of the capital stock entitled to vote belong to Filipinos.
Note: However, it provides that where a corporation and its non-‐Filipino stockholders own stocks in a SEC-‐registered enterprise, at least 60% of the capital stock outstanding and entitled to vote of both corporations and at least 60% of the members of the board of directors of both corporations must be Filipino citizens (DOUBLE 60% RULE).
