China News Agency, Manila, March 4 (Reporter Guan Xiangdong) The Philippine government issued the Republic Act 11647 (Republic Act 11647) on the 4th, which amended the 1991 Foreign Investment Act of the Philippines.
The bill, signed by President Rodrigo Duterte on the 2nd, eases restrictions on foreign investment in the Philippines.
Amended Foreign Investment Act allows eligible non-Filipino nationals to do business or invest in businesses in the Philippines up to 100% equity and broaden the scope of investments; allow 100% ownership by foreign investors in SMEs Ownership (equity); allows foreign professionals and experts to obtain work visas, work in industries not restricted by special laws, etc.
In April last year, Duterte urged the Philippine Congress to swiftly pass proposed amendments to the Foreign Investment Act, as well as amendments to the Public Service Act and the Retail Trade Liberalization Act, so that amid the Covid-19 pandemic, Open more areas of the economy to foreign investors.
The Philippine Daily Inquirer said on the 4th that the revised Foreign Investment Law integrates the amendments on foreign investment in the above-mentioned bills, aiming to improve the investment environment and attract, promote and welcome foreign investment in the Philippines. Will contribute to the industrialization and socio-economic development of the country.
Albay Provincial Assemblyman Joey Salceda, the lead author of the House version of the amendment, said the bill is expected to make the Philippines "a leading entrepreneurial hub in Southeast Asia," attracting tech innovation companies, among other things, Philippine News Agency reported.
He analyzed that the founders of technology innovation companies are not necessarily investors themselves, but allowing them to come to the Philippines may attract investors and make the Philippines an innovation base for companies.
Senator Sharon Garin said foreign direct investment will play a huge role in the Philippine economic recovery in the post-pandemic era.
She said the bill would give the Philippines access to more capital to help revive struggling industries.