MANILA, Philippines — Senate President Francis Escudero is confident that a new law which allows foreign investors to lease private land for up to 99 years woll make the country look more like an ideal investment destination.
"Foreign investors have long complained about the prohibitive provisions of our laws regarding the ownership of land by non-Filipinos. Businesses will never place their funds in destinations where there is uncertainty in laws and regulations. This law will go a long way in addressing these concerns," Escudero, an author of the law, said in a statement on Saturday.
Escudero says new lease law to make PH more appealing to investors, This news data comes from:http://www.jyxingfa.com
He thanked President Ferdinand Marcos Jr. for supporting the measure.
The president on Saturday signed Republic Act 12252.
This new law amends the Investors' Lease Act by extending the lease period limit of 75 years.
- Marcos suspends importation of regular, well-milled rice for 60 days
- Sotto files bill to amend party-list system
- Seoul says over 300 South Koreans held in US battery plant site raid
- Lacson clears air over conflict with Marcoleta on flood control probe
- Duterte party's acting chairman charged at Sandiganbayan over Malampaya project
- Ever dream of having an entry in the Guinness World Records? Here's how to do it
- UK's mass facial-recognition roll-out alarms rights groups
- Marcos willing to submit to a lifestyle check
- DILG denies claims ex-PNP chief ousted over firearms purchase
- Workers urge Marcos to stop corruption by banning political dynasties
