the main provisions of the act are : ( 1 ) a prohibition against persons , not citizens of the philippines , and against associations , partnerships , or corporations the capital of which are not wholly owned by citizens of the philippines , from engaging directly or indirectly in the retail trade ; ( 2 ) an exception from the above prohibition in favor of aliens actually engaged in said business on may 15 , 1954 , who are allowed to continue to engaged therein , unless their licenses are forfeited in accordance with the law , until their death or voluntary retirement in case of natural persons , and for ten years after the approval of the act or until the expiration of term in case of juridical persons ; ( 3 ) an exception therefrom in favor of citizens and juridical entities of the united states ; ( 4 ) a provision for the forfeiture of licenses ( to engage in the retail business ) for violation of the laws on nationalization , control weights and measures and labor and other laws relating to trade , commerce and industry ; ( 5 ) a prohibition against the establishment or opening by aliens actually engaged in the retail business of additional stores or branches of retail business , ( 6 ) a provision requiring aliens actually engaged in the retail business to present for registration with the proper authorities a verified statement concerning their businesses , giving , among other matters , the nature of the business , their assets and liabilities and their offices and principal offices of judicial entities ; and ( 7 ) a provision allowing the heirs of aliens now engaged in the retail business who die , to continue such business for a period of six months for purposes of liquidation .