House passes amend­ments open­ing up pro­fes­sions to for­eign­ers

Business World - - The Economy - Char­maine A. Tadalan

THE House of Rep­re­sen­ta­tives on Mon­day ap­proved on third read­ing a bill that amends a 1991 law reg­u­lat­ing for­eign in­vest­ment to re­move pro­fes­sions from the of­fi­cial list of ar­eas of the econ­omy barred to for­eign­ers.

With 201 af­fir­ma­tive votes and seven neg­a­tives, the cham­ber ap­proved House Bill No. 8764, which seeks to amend Repub­lic Act No. 7042, or the For­eign In­vest­ments Act of 1991.

The bill pro­posed to amend sec­tion 4 of the FIA by delet­ing the “prac­tice of pro­fes­sions” from the items listed un­der the For­eign In­vest­ment Neg­a­tive List (FINL).

The Com­mit­tee Re­port said the amend­ment in­tends to bring in more “for­eign di­rect in­vest­ment and fa­cil­i­tate trans­fer of tech­nol­ogy, and share ex­per­tise.”

It also low­ers the hir­ing thresh­old to 15 from 50 em­ploy­ees for small and medi­um­sized en­ter­prises es­tab­lished by for­eign in­vestors with min­i­mum paid-up cap­i­tal of $100,000. —

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.