SECTION 1. Who may participate in the private sector. — Only the following persons or entities in the private sector may engage in the recruitment and placement of workers either for local or overseas employment:
(a) Private employment agencies;
(b) Private recruitment entities;
(c) Shipping or manning agents or representatives; and
(d) Such other persons or entities as may be authorized by the Secretary.
SECTION 2. Citizenship requirement. — Only Filipino citizens or corporations, partnerships or entities at least seventy-five percent (75%) of the authorized and voting capital stock of which is owned and controlled by Filipino citizens shall be permitted to participate in the recruitment and placement of workers, locally or overseas.