Section 3
SEC. 3. Definition of Terms.-For the purpose of this Decree: "a) "Construction contractor" shall mean a natural or juridical person organized and licensed under Philippine laws, who undertakes or offers to undertake, or submits a bid to, or does himself or by or through others, construct, alter, repair, add to, subtract from, remove, move, wreck or demolish any structure, facility, project development or improvement, or to do any part thereof. The term contractor includes general engineering contractor, general building contractor and specialty contractor, construction management, engineering, and specialized consultancy group; b) "Filipino contractor" shall mean a construction contractor, who is a citizen of the Philippines, or a corporation or other juridical entity, of which, in the case of a corporation at least sixty percent (60%) of its capital stock outstanding and entitled to vote, is owned and held by citizens of the Philippines and at least sixty percent (60%) of the Board of Directors thereof are citizens of the Philippines, and in the case of any juridicat entity, at least sixty percent (60%) of its equity is owned and held by citizens of the Philippines. c) "Overseas project" shall mean a construction or consultancy project undertaken or will be undertaken by a contractor outside the territorial boundaries of the Republic of the Philippines, and paid for in acceptable or freely convertible foreign currency; d) "Overseas construction operations" shall mean any activity related to an overseas project, including provisions of technical, managerial and highly professional services; and e) "Board" shall mean the Philippine Overseas Construction Board created under this Decree.