Foreign investments bill to create more jobs – Gatchalian

MANILA, Philippines — Easing restrictions and requirements for foreign businesses is the key to generating employment for Filipinos left jobless by the pandemic and accelerating economic recovery, a senator pushing for amendments to the Foreign Investments Act of 1991 (FIA) said.

“This is a very timely measure as we’re now opening up the economy,” said Sen. Sherwin Gatchalian, referring to Senate Bill 1156 which he co-authored.

“With these amendments... investors can look forward to a more supportive government policy and a more attractive investment destination,” he said.

Last Dec. 7, the Senate and House of Representatives ratified the final version of the measure – which harmonizes amendments to the FIA under Senate Bill 1156 and House Bill 300.

Under the harmonized bill, foreign professionals will now be encouraged to come to the country to share their knowledge, expertise, skills and technical know-how and allow Filipinos to broaden and enhance their competitiveness in both domestic and international labor markets.

“This transfer of knowledge and technology will in turn help the country attract more businesses that require high-skilled workers,” Gatchalian said.

“As we slowly recover from the pandemic, we can expect the job market to expand when this bill becomes law,” he said.

The two chambers adopted Gatchalian’s proposal on the establishment of an online portal to serve as a central database, to include a directory of ready local partners from priority sectors as a tool for promoting investments and businesses matching in local supply chains.

Also introduced in the amended FIA was Gatchalian’s proposal allowing startups and startup enablers endorsed by lead host agencies pursuant to Republic Act 11337 (Innovative Startup Law) to be funded by foreigners with a minimum capital of P100,000 to encourage investments that will pioneer in the country.

“These amendments will hopefully lead to a foreign investment regime that is more fine-tuned to the changing economic climate and its accompanying demands. Our receptiveness to these changes may very well determine whether we can live up to our true economic potential or remain in the doldrums compared to our nextdoor neighbors,” said the senator who is gunning for reelection next year.