The Senate ratified the report of the bicameral conference committee on the bill to promote foreign investment in the Philippines.
Senator Imee Marcos, who chairs the Senate Economic Affairs Committee, which presented the bicam report on the reconciled version of Bill 1156 and Bill 300, said the bicameral panel agreed to use the Senate version of the measure, which seeks to amend the Foreign Investment Law of 1991, as a working draft.
The main objective of the measure is to improve the investment climate in the Philippines to attract, promote and welcome foreign companies to the country which should accelerate the socio-economic development of the country.
She said Sec. 2 of the bill, which clarifies the definition of investment with the exercise of the profession, was adopted by the bicam formation.
In particular, the measure adopted the definition of professions of the Professional Regulation Commission (PRC) as an activity or business carried out and carried out by a registered and duly licensed professional or holder of a special temporary permit as defined in the scope of practice of a professional regulation law.
She also said that Section 3 of the bill was also passed with the House panel proposing changes in the composition of the interagency investment promotion coordinating committee. The bill designates the finance secretary as vice president and another representative from Metro Manila in addition to representatives from Luzon, Visayas and Mindanao.
The bicam has also agreed to the creation of an online portal for foreign investors, as discussed in Sec. 6.
Bicam also adopted Sec. 7 clarifying language in accordance with export requirements under The Corporate Recovery and Tax Incentives for Enterprises (CREATE) or Title 13 of the National Tax Code, among others.
The Senate adopted and ratified the measure on Tuesday evening, December 7. The final version of the bill will be sent to MalacaÃ±ang for signature by President Duterte.
SUBSCRIBE TO THE DAILY NEWSLETTER
CLICK HERE TO REGISTER