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 titleAn 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