President Rodrigo Roa Duterte has signed into law Republic Act No. (RA) 11647, amending the Foreign Investments Act to improve foreign investments in the country.
The amended Foreign Investment Law is positioned to attract more foreign investments amid the COVID-19 pandemic as it provides less stringent requirements for potential foreign investors to enter the Philippine market.
DTI Secretary Ramon M. Lopez said the new law will encompass more sectors to encourage more investments. “We in the economic team have always been in favor of reasonably opening up the economy and liberalizing as many restrictions that hinder the continuous and fast growth of the economy,” he said.
“Indeed, we cannot overemphasize the importance of a major shift in mindset and economic policy direction. For the country to lead a path to recovery amid COVID-19, we have been a consistent advocate for the amendment of this passage which aims to lessen barriers for foreign entry and is expected to hasten the country’s economic growth through foreign investment,” he added.
The FIA of 1991 was a consolidation of Senate Bill No. 1156 and House Bill No. 300 and was eventually certified as urgent by President Duterte along with amendments for the Public Service Act and Retail Trade Liberalization Act last year. Likewise, Sec. Lopez expressed his gratitude to President Duterte, Senate President Vicente Sotto III, and House Speaker Lord Allan Jay Velasco and their respective Economic Committees, chaired by Senator Imee Marcos and Representative Sharon Garin, respectively, for approving and ensuring the immediate passage of the said economic reforms in both Houses.
Sec. Lopez concluded, “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.”
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