NextGen Day

The bicameral conference committee report on revisions to the Foreign Investment Act to make the Philippines more accessible to foreign investors was ratified by the House of Representatives on Tuesday.

The chamber passed the final version, which reconciles the conflicting clauses of House Bill 300 and Senate Bill 1156, during the plenary session.

The key initiative is to increase job prospects for Filipinos while also assisting in the economic recovery.

The passage of this bill complements the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act in attracting foreign investments, according to Albay Rep. Joey Salceda, because it reduces the number of direct hires required by foreign employers from 50 to 15, which will encourage smaller foreign investors to locate in the Philippines.

“One of CREATE’s main goals is to attract international investors of any size who can contribute to the economy,” Salceda stated.

Allowing “startup facilitators” to be entirely owned by foreigners, he claims, will promote investment in cutting-edge industries that don’t currently exist in the Philippines.

Financial technology, precision agriculture, health technology, and other higher-order technical firms are among the sectors that are critical to the Philippines’ long-term prosperity and resilience.

“Startups are solution-oriented, and the Philippines will have no shortage of problems that require digital companies to provide efficiency-enhancing solutions. The FIA revisions are undoubtedly beneficial to them “he stated

He claims that allowing foreigners to enter occupations not governed by special rules allows the country to learn from professionals in STEM (Science, Technology, Engineering, and Mathematics) and other important fields.

“Investors who might otherwise invest in the Philippines have been hampered by their inability to hire their own expertise,” he said.

According to him, exposing officials involved in investment marketing to the Anti-Graft and Corrupt Practices Act adds another layer of protection against government officials extorting potential investors and is a step toward improved ease of doing business.

Salceda encouraged the proposal’s Inter-Agency Investment Promotion Committee to fulfill its duty of actually developing new markets for Philippine products and promoting the Philippines as a market and hub for global investments.

He also reaffirmed his plea for the Strategic Investment Priorities Plan (SIPP) to be released under CREATE so that the government may use it to market the Philippines as a business destination.

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