Senate ratifies bicam report on amendments to Foreign Investment Act

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Senate ratifies bicam report on amendments to Foreign Investment Act
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The Senate ratified the bicameral conference committee report on a bill seeking to promote foreign investments. | cgonzalesINQ

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“Among the agreements settled by both panels are many improvements provided by the House. The bicam conference agreed to use the Senate version as the working draft,” she noted.• Section 2 was adopted clarifying the definition of investments in the practice of professions, in particular, adopting the Professional Regulatory Commission’s definition of “profession.”

• Section 6 was adopted with the House panel agreeing to the establishment of an online portal for foreign investors. • Section 8 was adopted, rationalizing language on labor requirements for employment in firms with lower paid-up capital of $100,000. The reconciled version also strengthened the language for the recognition of the rights of employees and seeks to institutionalize the requirement of understudy programs for alien employment permits.• Section 9 regarding national security review was provided with the House panel providing clarification on industries to be reviewed.

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