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.
The president on Saturday signed Republic Act 12252.
Escudero says new lease law to make PH more appealing to investors, This news data comes from:http://lije-qyxs-vkjd-kua.gyglfs.com
This new law amends the Investors' Lease Act by extending the lease period limit of 75 years.
- DPWH exec fired, 2 others face dismissal over flood control mess
- Iran confers with European nations on its nuclear program as sanctions deadline nears
- In Taiwan, competing narratives over the meaning of China's massive military show
- North Korea's Kim in China ahead of massive military parade
- Navotas inks deal for school feeding project
- Putin lands in Tianjin for summit hosted by China
- Israeli strikes in Yemen's capital kill six, Houthis say
- Iran says open to US nuclear talks, rejects missile curbs
- Aftershocks rumble quake-hit Afghanistan as death toll tops 1,400
- Comelec defers reconstitution of BARMM parliamentary districts
