Insurance Code (usually included in commercial codals)
Section 238. Any insurance company which has established one or more separate variable accounts pursuant to the preceding section may invest and re-invest all or any part of the assets allocated to any such account in the securities and investments authorized by sections one hundred ninety-eight, two hundred, two hundred one and two hundred two for any of the funds of an insurance company in such amount or amounts as may be approved by the Commissioner. In addition thereto, such company may also invest in common stocks or other equities which are listed on or admitted to trading in a securities exchange located in the Philippines, or which are publicly held and traded in the "over-the-counter market" as defined by the Commissioner and as to which market quotations have been available; Provided, however, That no such company shall invest in excess of ten per centum of the assets of any such separate variable accounts in any one corporation issuing such common stock. The assets and investments of such separate variable accounts shall not be taken into account in applying the quantitative investment limitations applicable to other investments of the company. In the purchase of common capital stock or other equities, the insurer shall designate to the broker, or to the seller if the purchase is not made through a broker, the specific variable account for which the investment is made.