NextGen Day

MANILA, Philippines — After President Rodrigo Duterte signed Republic Act (RA) 11647, revising the Foreign Investments Act, foreign corporations can now plan their strategic investment programs in the Philippines.

The German-Philippine Chamber of Commerce and Industry (GPCCI) applauded the passage of Republic Act 11647, which will help to enable more foreign investment in the country by allowing foreign investors to hold more shares.

“As we are now opening up the economy, the passage of this act is really timely.” The restrictions lifted as a result of the amendments also address the challenges faced by foreign-owned SMEs (small and medium enterprises) and introduce strategic investment programs that will help promote the country as a desirable investment destination, according to GPCCI executive director Christopher Zimmer.

Reduced investment areas earmarked for Filipinos and allowing foreign enterprises up to 100 percent ownership when setting up operations here, according to GPCCI president Stefan Schmitz, is a win-win step for both Filipino and foreign investors.

“With these changes, more foreign professionals would be able to share their talents with Filipinos, boosting local and worldwide competitiveness in a variety of fields.” At the same time, it would aid in the creation of additional jobs in the country because the law allows for more foreign investment, which would extend the Philippine labor market,” Schmitz added.

Meanwhile, senate hopeful Gilbert “Gibo” Teodoro praised the administration for easing foreign limitations, but added that this measure should be accompanied by a “anti-bureaucratic mindset” across the board.

“Promoting the Philippines as a destination for foreign investments does not end with removing foreign ownership restrictions,” Teodoro said in a statement. “Foreign investors should feel confident that they may start a firm in the Philippines with ease.”

According to him, government offices should ensure a smooth flow of transactions and avoid redundancy of requirements by following the 3-7-20 rule, which states that simple transactions should be completed in three days, complex transactions in seven days, and highly technical transactions in twenty days.

“Both foreign and domestic businesses should benefit from the government’s efforts to create a business-friendly climate.” “If the government steps away from a bureaucratic mindset, this may be accomplished,” he remarked.

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