Bicam report sa pag-amyenda ng Foreign Investments Act of 1991, aprub sa Senado

Bicam report sa pag-amyenda ng Foreign Investments Act of 1991, aprub sa Senado

December 8, 2021 @ 2:54 PM 10 months ago


Manila, Philippines – Inaprubahan ng Senado nitong Martes ang bicameral conference committee report ng isang panukalang batas na naglalayong amendahan ang  Foreign Investments Act of 1991.

Inisponsor ang panukala ni Senador Imee Marcos, partikular ang reconciled version ng Senate Bill 1156 at House Bill 300.

“From a single-line, single provision bill simply lowering the investment minimum, I think we have far more comprehensive and pragmatic law,” ayon kay Marcos.

Ilan sa probisyon na ikinonsidera sa reconciled version ng panukala ang mga sumusunod:

  1. Clarified the definition of investments in the practice of professions, adopting the Professional Regulatory Commission’s definition of profession.

  1. Changes in the composition of the Inter- Agency Investment Promotion Coordinating Committee, designating the Finance Secretary as vice chairman of the panel.

  1. The bill also added a representative from the National Capital Region to the list of representatives from Luzon, Visayas and, Mindanao.

  1. Establishment of an online portal for foreign investors.

  1. Clarification of language in the provision regarding the compliance with export requirements under CREATE or Title 13 of the National Internal Revenue Code.

  2. Rationalization of language on labor requirements for employments in firms with lower paid-up capital of $100,000.

  1. Strengthening of language for the recognition of the rights of employees and institutionalization of the requirement of understudy programs for alien employment permits.

  1. Clarification on industries reviewed related to national security. It is now limited to foreign investment involving military-related industries, cyber infrastructure, pipeline transportation, or such other activities which may threaten territorial integrity and safety, security, and well-being of Filipino citizens.

  1. Adoption of anti-graft provision which simplified the list of penalties. Any public official or employee involved in investment promotion shall commit any of the acts of Section 3 of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act.

 

Ernie Reyes