Computing resources of bank incorporated abroad.
Section 252
SEC. 252. Computing resources of bank incorporated abroad. — The amount of capital used by a bank within the Philippines, when such bank is a branch of a bank incorporated under the laws of the United States or a foreign country, shall, for the purposes of assessment hereunder be determined in the following manner: The total amount of the capital of the bank shall be ascertained, and, likewise the total amount of the net earnings of the bank accruing during the preceding six months, and also the total amount of the net earnings accruing from the bank's business conducted in the Philippines, and such a proportion of the total capital of the bank shall be deemed to have been employed in the Philippines as the net earnings in the Philippines bear to the total net earnings of the bank: Provided, however, That the amount of capital deemed to have been employed by a foreign banking corporation in this country shall, in no case, be less than the minimum capital required of a bank organized under the laws of the Philippines.