PROVIDING FOR THE AUTOMATIC LISTING OF SECURITIES IN ALL STOCK EXCHANGES

• Number: Presidential Decree No. 167
• Sections: 4

Preamble

WHEREAS, it is the declared policy of the State, embodied in

the New Constitution, to promote the wider distribution of property

ownership and profits;

WHEREAS, the stock exchanges provide the best possible

means not only for the broadening of public participation in business,

industry, and in the development of our natural resources, but also for

the capital formation so necessary for our economic development;

WHEREAS, trading in securities has so far been limited to

the exchanges designated or chosen by the issuing companies; and

WHEREAS, to encourage and facilitate the diffusion of

property ownership and profits, and for the protection of the investing

public, investors should be given the opportunity to buy and sell

securities at the stock exchanges of their choice;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the

Philippines, by virtue of the powers vested in me by the Constitution as

Commander-in-Chief of all the Armed Forces of the Philippines, and

pursuant to Proclamation No. 1081, dated September 21, 1972, and General

Order No. 1, dated September 22, 1972, as amended, do hereby order and

decree that:

Section 1

SECTION 1. Any and all securities approved by the Securities

and Exchange Commission (SEC) for listing in any stock exchange are

deemed automatically listed for trading in all stock exchanges in the

Philippines: Provided, however, That this rule shall not apply

to any new stock exchange until it has the necessary facilities and

competence to operate as a stock exchange as determined by the SEC; And,

Provided, further, That the SEC shall have the power, after proper

notice and hearing, to deny or revoke the automatic listing of the

security in any stock exchange upon any grounds provided for the

revocation or suspension of registration of securities under Section 12

of the Securities Act, and pending such hearing, to suspend the

automatic listing of such security.

Section 2

SEC. 2. The SEC, with the approval of the Secretary of Trade

and Tourism, shall promulgate such rules and regulations as may be

necessary to implement this Decree.

Section 3

SEC. 3. Any provision of law, rule or regulation contrary

to, or in conflict with, this Decree is hereby repealed or modified

accordingly.

This Decree is hereby made a part of the law of the land and shall

take effect immediately.

Done in the City of Manila, this 2nd

day of April, in the year of Our Lord, nineteen hundred and

seventy-three.

(Sgd.) FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.) ROBERTO V. REYES

Assistant Executive Secretary

In order to facilitate the implementation of this Presidential

Decree No. 167, the Securities and Exchange Commission issued its

Rules/Regulations, dated April 10, 1973.