MANILA, Philippines — Senate President Francis Escudero is confident that a new law which allows foreign investors to lease private land for up to 99 years woll make the country look more like an ideal investment destination.
"Foreign investors have long complained about the prohibitive provisions of our laws regarding the ownership of land by non-Filipinos. Businesses will never place their funds in destinations where there is uncertainty in laws and regulations. This law will go a long way in addressing these concerns," Escudero, an author of the law, said in a statement on Saturday.
He thanked President Ferdinand Marcos Jr. for supporting the measure.
Escudero says new lease law to make PH more appealing to investors, This news data comes from:http://ufoxgmfv.redcanaco.com
The president on Saturday signed Republic Act 12252.
This new law amends the Investors' Lease Act by extending the lease period limit of 75 years.
- Xi and Putin reaffirm 'old friend' ties in the face of US challenges
- Immigration: 1st lookout bulletin in effect on 35 individuals, including Discayas, linked to anomalous flood control projects
- Comelec en banc upholds cancelation of Duterte Youth Party-List registration
- 11 foreigners killed in Portugal funicular crash
- Suspect in 2012 killing of Dutch aid worker freed
- China to bolster non-Western alliances at summit, parade
- Tokyo logs record 10 days of 35 C or higher
- CFO office moves from Quezon City to Pasay
- France seized by fears of new political crisis
- Fire breaks out in Manila residential area
