February 11, 2019
Foreign business groups welcome 3 bills easing foreign investment regulations in Philippines
The bills seeking to ease or lift restrictions on the entry of foreign investment into the Philippines have gotten a warm reception from foreign business groups. The Joint Foreign Chambers of the Philippines, in a recent statement, said it is backing the call of the Philippine government’s economic managers for the Congress to quickly pass the three measures that will enable foreign investment to enter the country with less bureaucracy and scrutiny. The joint chambers, which includes the largest organizations of foreign businesses, said that if these three measures are enacted, more jobs will be created and new technologies will come into the country to boost global competitiveness. The three bills aim to amend the Foreign Investment Act, the Retail Liberalization Act of 2000, and the Public Service Act.