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.
He thanked President Ferdinand Marcos Jr. for supporting the measure.
The president on Saturday signed Republic Act 12252.
Escudero says new lease law to make PH more appealing to investors, This news data comes from:http://pfj.erlvyiwan.com
This new law amends the Investors' Lease Act by extending the lease period limit of 75 years.
- Marcos to mark ‘Thrilla In Manila’ 50th anniversary
- PH doesn't recognize Taiwan as sovereign state, stands by 'One China Policy' -- Foreign Affairs chief
- Canada removing tariffs on US goods compliant with free trade deal
- Thai opposition holds kingmaking summit deciding new PM
- DoJ to begin preliminary investigation into missing cockfighting enthusiasts
- Public Works chief to press criminal charges against Bulacan engineer
- NKorea accuses South of ‘serious provocation’
- Inflation up 1.5% in August
- Trump moves to limit US stays of students, journalists
- Marcos mum on Magalong joining independent commission for DPWH probe
