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An Act Promoting Foreign Investments, Amending Thereby Republic Act No. 7042 (Republic Act No. 11647).

Country/Territory
Philippines
Document type
Legislation
Date
2022
Source
FAO, FAOLEX
Long title
An Act Promoting Foreign Investments, Amending Thereby Republic Act No. 7042, Otherwise Known as the "Foreign Investments Act of 1991" as Amended and for Other Purposes.
Subject
General
Keyword
Legal proceedings/administrative proceedings Business/industry/corporations Registration Policy/planning
Geographical area
Asia, Asia and the Pacific, East Asian Seas, North Pacific, South-Eastern Asia
Entry into force notes
This Act shall take effect after fifteen (15) days following its publication in the Official Gazette or in a newspaper of general circulation in the Philippines.
Abstract

The amendments aim to promote and attract foreign investments by allowing, for the first time, international investors to set up and fully own domestic enterprises (including micro and small enterprises) in the Philippines. Further, amendment includes the establishment of an Inter-Agency Investment Promotion Coordination Committee (IIPCC) tasked with integrating the promotion activities to encourage foreign investment. The IIPCC is also in charge of development of the foreign investment promotion and marketing plan for the medium five-year and the long term ten-year plan. The IIPCC in coordination with the National Security Council (NSC) and the NEDA shall review foreign investment involving military related industries. The text contains 17 Sections.

Full text
English

References - Legislation

Amends

Foreign Investments Act of 1991 (Republic Act No. 7042).

Legislation | Philippines | 1996

Keyword: Business/industry/corporations, Enforcement/compliance, International trade, Offences/penalties, Registration, Framework law

Source: FAO, FAOLEX