MANILA, Philippines — President Rodrigo Duterte has signed into law a measure seeking to promote foreign investments by amending the Foreign Investments Act.
Duterte signed on Wednesday Republic Act No. 11647, which amends the Republic Act No. 7042 or the Foreign Investments Act of 1991.
A copy of the new law was released to the media on Friday.
RA No. 11647 is a consolidation of Senate Bill No. 1156 and House Bill No. 300 that was passed by Congress in December 2021.
The new law aims to improve investment factors to attract, promote, and welcome foreign investment activities, which are expected to contribute to the country’s national industrialization and socio-economic development.
In April last year, Duterte urged Congress to fast-track the proposed amendments to the Foreign Investment Act, along with amendments for the Public Service Act and Retail Trade Liberalization Act, to further open up the economy to more foreign investors amid the COVID-19 pandemic.
Senate ratifies bicam report on amendments to Foreign Investment Act
Duterte asks Congress to give priority to new laws removing barriers to foreign investments