Even before the Covid-19 pandemic, the Philippine government has been hard at work making the country more business-friendly for foreign investment.
The amendments to the Foreign Investments Act have already been passed by both Houses of Congress as of December 7, 2021. Among the amendments to the law include the creation of the “Inter-Agency Investment Promotion Coordination Committee” , which will be the body to integrate all promotion and facilitation efforts to encourage foreign investments.
However, as a matter of exception, a minimum paid-in capital of $100,000 shall be allowed to non-Philippine nationals if their enterprise: involves advanced technology as determined by the DOST; is endorsed as a startup or startup enablers; or has direct employees the majority of which are Filipinos but in no case shall the number of Filipino employees be less than 15.