The amended Foreign Investments Act is likely to support the economic recovery after the coronavirus disease 2019 pandemic because of the resulting increase in foreign investment, the Department of Trade and Industry said.
Under the amended law, foreign investors are allowed to own up to 100% of some enterprises “unless participation of non-Philippine nationals in the enterprise is prohibited or limited to a smaller percentage by existing law and/or under the provisions of this act.” According to Mr. Lopez, “This is an opportune time for foreign investors, as the Philippines develops the necessary investment landscape through significant economic and regulatory reforms, complementing as well the recent full reopening of the economy as major cities in the country were de-escalated to Alert Level 1,” Mr. Lopez said.
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Philippines relaxes rules to woo foreign investment“Foreign investments shall be encouraged in enterprises that significantly expand livelihood and employment opportunities for Filipinos,” according to the new law.
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