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://elxpccxt.redcanaco.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.
- PAL plane bound for Osaka returns to Manila due to 'emergency' situation
- Puno seeks probe of anomalous projects ‘funders’
- Evicted from their forests, Kenyan hunter-gatherers fight for their rights
- Cyclone's trough, habagat will bring cloudy skies, rain showers over PH
- Need a pee? Japan has QR code for that
- NATO members to reach 2% defense spending goal this year
- Chinese research vessel spotted near Philippine coast but 'goes dark' after, says maritime expert
- Mandela grandson says he will join Gaza aid boat
- Five journalists among 20 killed in Israeli strikes on Gaza hospital
- Alice Guo faces new cases over POGO land
