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‘FIA amendments to create more jobs’

Stefan Schmitz/Global Landscapes Forum

Amendments to the Foreign Investment Act (FIA) will create more jobs for Filipinos, the German-Philippine Chamber of Commerce and Industry (GPCCI) said on Monday.

“We find this as a win-win solution for both Filipinos and foreign investors,” GPCCI President Stefan Schmitz said in a statement.

“With these amendments, more foreign professionals can now share their skills with Filipinos to enhance local and international competitiveness in various sectors,” he added.

“At the same time, it would also help generate more employment in the country as the law enables more foreign investments that would expand the Philippine job market,” Schmitz added.

Republic Act 11647, signed into law last March 2, 2022 by President Rodrigo Duterte, amended several provisions of the Foreign Investment Act of 1991 (Republic Act 7042).

Among others, qualified non-Philippine nationals can now do business in the country or invest in a domestic enterprise up to 100 percent of its capital. The practice of professions not governed by existing special laws was liberalized and foreign investors can now also own 100-percent of small and medium enterprises (SMEs).

“The passage of this act is very timely as we are now opening up the economy,” GPCCI Executive Director Christopher Zimmer said.

“The restrictions lifted under the said amendments also address difficulties of foreign-owned SMEs and further introduces strategic investment programs that shall further promote the country as an attractive investment market,” he added.

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