Updated:2024-12-19 13:27 Views:186
Foreign business chambers and major local business groups on Wednesday expressed keenness about moves to extend the land lease period for foreign investors from 75 years to 99 yearstmt play, seeing this as a means to improve the investment climate in the Philippines.
Enterprises that are based in the United States, the United Kingdom and Germany—overseas markets that have huge investments in the Philippines— expressed varying degrees of support toward such a change.
The Senate approved on third and final reading such a bill last Monday, while the House of Representatives passed their own counterpart version on Tuesday.
The S&P Global defines “emerging markets” as countries that have been or are transitioning toward middle- income levels, with good access to global capital markets, deepening domestic capital markets, and global economic relevance based on economic size, population and share in global trade.
Bullion hit an all-time high of $2,704.89 in early Asian trade, up from its previous record of $2,688.83 touched on Thursday.
Article continues after this advertisementREAD: House OKs bill that lets foreigners lease land for 99 years
FEATURED STORIES BUSINESS Philippines ranks 2nd in cryptocurrency ownership globally — study BUSINESS BIZ BUZZ: Naia e-gates rollout delayed BUSINESS BSP warns public against text hijacking“This reform would create more long-term certainty for foreign investors, which would help attract foreign investment and increase the country’s economic competitiveness,” said Ebb Hinchcliffe, executive director of the American Chamber of Commerce of the Philippines, in a message sent to the Inquirer.
Chris Nelson, executive director of the British Chamber of Commerce of the Philippines, expressed similar sentiments, reinforcing the view that amendments in the country’s land lease law is a step in the right direction.
Article continues after this advertisement“Having the lease for a very long period, in effect, negates the risk of non-ownership of the land,” Nelson told the Inquirer in a phone interview.
Article continues after this advertisementMarie Antoniette Mariano, president of the German Chamber of Commerce and Industry, similarly described the passage of such a law as a positive development. However, Mariano said that more important measures need attention.
Article continues after this advertisement“While the proposed legislation may offer opportunities for foreign investors, our 2024 World Business Outlook surveys underscore more urgent concerns for the German business community in the Philippines,” she told the Inquirer.
no deposit casino bonus 2022In particular, she cited actions that would address the shortage of skilled workers, rising energy costs, and persistent challenges in ease of doing business.
Article continues after this advertisementMeanwhile, key officials of the Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Philippine Industries (FPI) also see the proposed legislation as a viable way to attract foreign investments.
“The whole intention of making ourselves attractive is for companies to come in the long term,” PCCI chair Geroge Barcelon said in a phone interview, emphasizing that a lease spanning 99 years is almost equivalent to ownership.
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FPI chair Jesus Arranza said he also sees the measure as a viable way for attracting foreign investmentstmt play, explaining that it provides a degree of security for foreign businesses.
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