his officeThe law, which amends a three-decade-old foreign investment rule, allows for the first time international players to set up and fully own small and medium-sized businesses, and hold 100% equity in firms in sectors where they could already operate.
“Foreign investments shall be encouraged in enterprises that significantly expand livelihood and employment opportunities for Filipinos,” according to the new law, which was shared with media. The Philippines has long struggled to lure foreign money because of issues like red tape, weak infrastructure and policy uncertainty, and has lost business to neighboring countries that offer better tax breaks and lower operational costs.