Section 8
SEC. 8. Section twelve of the same Act is hereby amended to read as follows: "SEC. 12. At least seventy per cent (70%) of the voting stock of any banking institution which may be established after the approval of this Act shall be owned by citizens of the Philippines, except where a new bank is established as a result of: (a) The local incorporation of any of the existing branches or agencies of foreign banks in the Philippines pursuant to Section sixty-eight of this Act or (b) The consolidation of existing banks in any of which there are foreign-owned voting stocks at the time of consolidation. "The computation of the minimum percentage of Filipino-owned voting stocks required herein shall be governed by the provisions of the second paragraph of Section twelve-A of this Act. The Monetary Board may, if the national interest so requires, set a higher percentage of Filipino-owned voting stocks in banking institutions that may be established after the approval of this Act."