Jauhn Etienne Villaruel

The Makati-Taguig skyline in this photo taken on April 12, 2024.   Gigie Cruz, ABS-CBN News

Article (news)

PH ECONOMY

Vivienne Gulla

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/173442568734020240412-makati-taguig-skyline-GCS6055.jpg" style="width:960px" class="fr-fic fr-dib" alt="The Makati-Taguig skyline in this photo taken on April 12, 2024.   Gigie Cruz, ABS-CBN News"/><span class="fr-inner" style="text-align:left">The Makati-Taguig skyline in this photo taken on April 12, 2024.   Gigie Cruz, ABS-CBN News</span></span></span></div><p>MANILA — The House of Representatives has approved on third and final reading a measure seeking to extend land lease limits for foreign investors to 99 years from 75 years.</p><p>With 175 affirmative votes, 3 negative votes, and 2 abstentions, the lower chamber approved House Bill 10755 during plenary session on Tuesday.</p><div><a href="https://www.abs-cbn.com/news/business/2024/12/13/swedish-investors-seek-full-foreign-ownership-in-more-ph-sectors-1231">Swedish investors seek full foreign business ownership in more PH sectors</a></div><p>Under the measure, covered lease agreements shall be subject to the approval of the Department of Trade and Industry-Board of Investments, except for lease of lands within economic zones or freeport areas, which shall be subject to the approval of the relevant Investment Promotion Agency charged with the management and administration of the said economic or freeport zones.</p><p>It allows foreign investors the option to register lease contracts with the Register of Deeds and outlines the conditions as an added protection for the foreign investor.  </p><p>The measure further expands the leasehold rights available to foreign investors by allowing the long-term lease contract to be pledged as a guaranty for a loan and by permitting leaseholders to sublet the leased land. </p><p>It also increases the fine for violations to within the range of P1 million to P10 million.</p><div><a href="https://www.abs-cbn.com/business/2024/10/10/-foreign-direct-investments-up-in-july-1130">Foreign direct investments up in July</a></div><p>House Assistant Minority Leader and Gabriela Representative Arlene Brosas opposed the measure, citing supposed loopholes in the bill that “permits foreign investors’ prolonged leasing of agricultural lands awarded to our common Filipino farmers and agrarian reform beneficiaries”. </p><p>“Beyond all the legalisms and technicalities, malinaw sa atin na in essence and in practice, magbibigay-daan ang panukalang batas na ito para sa malaya at monopolisadong paggamit at pagkontrol ng mga dayuhan sa ating lupain sa napakahabang panahon,” she said.</p><div><a href="https://www.abs-cbn.com/business/02/02/18/why-some-investors-choose-vietnam-over-philippines">Why some investors choose Vietnam over Philippines</a></div><p>“Apart from this, the bill also proposes a vague and loose definition of &#x27;private lands&#x27;, where it also intends to encompass properties of the State that are supervised by IPAs, and even lands used for agricultural endeavors — including lands awarded to agrarian reform beneficiaries,&quot; Brosas added.</p><p>The bill is among the priority measures of the Legislative-Executive Development Advisory Council within the 19th Congress or until June 2025, in an effort to further open the economy to foreign investments.</p><p>The Philippines lags its neighbors in terms of attracting foreign investments. Despite several amendments that have liberalized some of the country&#x27;s investment laws, the country continues to struggle to attract outside investors compared to countries like Vietnam, Malaysia and Thailand.</p><div><strong>RELATED VIDEO</strong></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/rMNBVwzFmc0?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>Gabriela Rep. Arlene Brosas opposed the measure, citing supposed loopholes in the bill that “permits foreign investors’ prolonged leasing of agricultural lands awarded to our common Filipino farmers and agrarian reform beneficiaries."</p>

Gabriela Rep. Arlene Brosas opposed the measure, citing supposed loopholes in the bill that “permits foreign investors’ prolonged leasing of agricultural lands awarded to our common Filipino farmers and agrarian reform beneficiaries."

House OKs bill extending land lease limit of foreign investors to 99 years

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House OKs bill extending land lease limit of foreign investors to 99 years

Vivienne Gulla,

ABS-CBN News

Published Dec 17, 2024 05:09 PM PHT

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