Section 20
SEC. 20. Who May Bid in the Foreclosure Sale—The following persons are qualified to bid in the foreclosure sale of the mortgaged vessel: Citizens of the Philippines or corporations 60% of the capital of which is owned by Filipino citizens. A foreign mortgagee or foreign national whose country has diplomatic relations with the Philippines or whose country grants reciprocal rights to Filipino citizens. In case the purchaser is a foreign individual or entity, the Philippine Coast Guard shall, upon presentation of the certificate of sale, cancel the registration of the vessel and issue a certificate to that effect upon request.