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.
This new law amends the Investors' Lease Act by extending the lease period limit of 75 years.
Escudero says new lease law to make PH more appealing to investors, This news data comes from:http://juwb.771bg.com
- House holds budget review with 21 civil society organizations
- Discaya’s construction companies competed against each other during biddings
- DILG to roll out nationwide unified 911 hotline on Sept. 11
- Trump moves to limit US stays of students, journalists
- UK's mass facial-recognition roll-out alarms rights groups
- Oil firms to raise pump prices Tuesday
- Manila mayor warns against mobs, orders police to maintain peace and order
- Wildfire tears through California gold rush town
- Filipino weightlifter Vanessa Sarno banned for 2 years for anti-doping violation
- Quezon City hails directive for national projects to get local permits
