Section 11
SEC. 11. The last paragraph of Section 4 of R.A. 5455 is hereby amended and anew section to be designated as Section 9-A is hereby added: "SEC. 4. Licenses to do Business. — The above requirement shall be in addition to those set forth in the Corporation Law as amended, for licensing foreign corporations and a violation of any of these requirements or of the terms and conditions which the Board may impose shall be sufficient cause to cancel a licensed or permit issued pursuant to this Act: Provided, however, That aliens or foreign firms, associations, partnerships, corporations or other forms of business organization or existing under the laws of the Philippines who may lawfully have been licensed to do business in the Philippines prior to the effectivity of this Act shall, with respect to the activities for which they were licensed and actually engaged in prior to the effectivity of this Act, not to be subject to the provisions of this section but shall be subject to the reporting requirements prescribed by the Board: Provided, further, That where the issuance of said license has been irregular or contrary to law, any person adversely affected thereby may file an action with the Court of First Instance where said alien or foreign business organization resides or has its principal office to cancel the said license. In such cases, no injunction shall issue without notice and hearing, and appeals and other proceedings for review shall be filed directly with the Supreme Court.” “SEC. 9-A. Periodic Reports. — The Board shall periodically check and verify compliance with the provisions of this Act, either by inspection of the books or by requiring reports from aliens or foreign firms, domestic enterprises with foreign investments in excess of thirty per cent (30%) and new entities licensed to do business under Section four of this Act. Nothing herein shall be deemed to preclude the Board from requiring similar reports from domestic firms with foreign investments of less than thirty per cent (30%). “ A summary of said reports shall be annually submitted by the Board to Congress not later than January fifteen. For this purpose, the Board may require other government agencies licensing and/or regulating foreign enterprises of domestic firms with foreign equity, to furnish the Board with reports on such foreign investments.”