Go hails updated foreign investments law

Go has earlier urged the government to prioritize the implementation of an investment plan which will ensure equitable distribution of wealth, and accelerate socio-economic development in rural areas

Senator Christopher “Bong” Go has commended President Rodrigo Duterte for signing Republic Act 11647 which introduces amendments to the Foreign Investments Act of 1991 that would further encourage and promote foreign direct investments in the Philippine economy.

Go noted that the new law will attract more investments, resulting in the creation of additional jobs and other business opportunities, and ultimately a comfortable life for all Filipinos.

The new law lowers the minimum paid-in capital for foreign investors to establish small or medium-sized enterprises in the country from $200,000 to $100,000 if they employ 15 direct employees.

The law also provides for the creation of the Inter-Agency Investment Promotion Coordination Committee which will integrate all promotion and facilitation efforts to encourage foreign investments in the country and establish a one-stop shop for foreign investors.

The amendments allow enhanced transparency in monitoring foreign investments and liberalizes the practice of professions not regulated by special laws, thereby attracting foreign investors that would otherwise be unable to do business in the country.

Additionally, the law provides safeguards such as the review of investments that are of particular interest to national security.

The enactment of the bill will help harmonize foreign investment plans throughout the country to accelerate the country’s global competitiveness and foster an inclusive and sustainable form of development.

This will hopefully result in more unified, responsive, and proactive foreign investment promotion programs and policies that would ensure the country’s regional and global competitiveness.

Earlier, the government’s economic team, including the departments of Finance, Budget and Management, Trade and Industry, and the National Economic and Development Authority, has requested the certification of the measure, among other bills, as urgent to accelerate economic recovery amid the pandemic.

Go has earlier urged the government to prioritize the implementation of an investment plan which will ensure equitable distribution of wealth, and accelerate socio-economic development in rural areas.

This approach, he said, will help communities recover from the adverse impacts of the Covid-19 pandemic and provide more economic opportunities to those who wish to start a new life in the countryside.