Definition of Terms.
Section 1
SECTION 1. Definition of Terms. — As used in this Decree, unless the context otherwise indicates: a. "Offshore Banking" shall refer to the conduct of banking transactions in foreign currencies involving the receipt of funds from external sources and the utilization of such funds as provided in this Decree. b. "Offshore Banking Unit" shall mean a branch, subsidiary or affiliate of a foreign banking corporation which is duly authorized by the Central Bank of the Philippines to transact offshore banking business in the Philippines. c. "Deposits" shall mean funds in foreign currencies which are accepted and held by an offshore banking unit in the regular course of business, with the obligation to return an equivalent amount to the owner thereof, with or without interest. d. "Resident" shall mean — (1) an individual citizen of the Philippines residing therein; or (2) an individual who is not a citizen of the Philippines but is permanently residing therein; or (3) a corporation or other juridical person organized under the law of the Philippines. cdt e. "Non-resident" shall mean an individual, corporation or other juridical person not included in the above definition of "resident": Provided, however, That branches, subsidiaries, affiliates, extension offices or any other units of corporation or juridical person organized under the laws of any foreign country operating in the Philippines shall be considered residents of the Philippines. f. "Branch" shall mean a separately managed department or unit of a foreign corporation.