Philippine President Rodrigo R. Duterte has signed into law a bill that relaxes restrictions on foreign investments.
They may fully own small and medium-sized enterprises with a minimum paid-up capital of less than $100,000 or P5 million if majority of their direct employees are Filipinos. There must be at least 15 such employees. It creates a Trade department-led inter-agency committee that will promote the Philippines as a foreign investment destination. It will keep an online database of foreign investments and local enterprises. The agency will also help local governments attract foreign investments.
The law also mandates export businesses to register under the National Internal Revenue Code so they ca avail themselves of any tax perks.
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