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

“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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cgonzalesINQ If they were serious, we would have FedParl right now!

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