Philippines investment law reform attracts more foreign firms

The passage of reforms in the Foreign Investments Act has prompted many international companies to show interest in investing in the Philippines, according to House Committee on Economic Affairs chair Sharon Garin. Amendments to the Foreign Investments Act would allow qualified non-Philippine nationals to do business in the country or invest in a domestic enterprise up to 100% of its capital and liberalises the practice of professions not governed by existing special laws. The law also allows foreign investors to set up 100% ownership of all SMEs. Garin said the country is now attracting the “good” kind of attention from investors who were previously hesitant to invest in the country because of the restrictive old laws.