Section 2
SEC. 2. There is inserted after section one hundred and seventy-eight of the Insurance Act a new section to be known as section one hundred and seventy-eight-A which shall read as follows: "SEC. 178-A. Every foreign insurance company doing business in the Philippines shall set aside at least thirty per centum of the legal reserves of the policies written in the Philippines and invest and keep the same therein in accordance with the provisions of this Act: Provided, however, That of the legal reserves as of December thirty-one, nineteen hundred and forty-nine, at least ten per centum shall have been invested and kept in the Philippines by December thirty-one, nineteen hundred and fifty; of the legal reserves as of December thirty-one nineteen hundred and fifty, at least twenty per centum shall have been invested and kept therein by December thirty-one, nineteen hundred and fifty-one; and of the legal reserves as of December thirty-first of each year after nineteen hundred and fifty, at least thirty per centum shall have been invested and kept in the Philippines by the end of the following year: Provided, further, That in determining the amount to be invested and kept in the Philippines under this section, a company shall be given credit for the amount of securities of the Philippines deposited by such company under section one hundred and seventy-eight of this Act, as amended: And Provided, finally, That the securities purchased and kept in the Philippines under this section shall not be sent out of the territorial jurisdiction of the Philippines without the written consent of the Commissioner."