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Ex-Finance chief wants restrictions for land ownership by foreigners removed

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Benise Balaoing, ABS-CBN News

MANILA -- A former Finance secretary said lawmakers should seriously consider allowing foreigners to own land in the Philippines.Former Finance Secretary Gary Teves&#x27; statement comes as solons consider changes to economic provisions of the 1987 Constitution.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/01/18/24/economic-cha-cha-not-the-key-to-countrys-progress-ibon">Economic Cha-cha &#x27;not the key&#x27; to country&#x27;s progress: IBON</a></li></ul>&quot;I feel strongly about it because having seen a number of areas in the Philippines outside of the major ones like Metro Manila, there are really quite a number of undeveloped land,&quot; Teves said.&quot;And it would be unfortunate that these lands remain underutilized.&quot;Teves said this move might create more jobs for Filipinos.&quot;If a foreign investor will put up a house, then there will be employment because he needs plumbers and he needs carpenters. If he needs it to put up a factory, then there will be jobs that will be created,&quot; he said.The former official, however, said deciding which parcels of land can be sold to foreigners must be data-driven.&quot;For example, we need to get that Land Use Bill approved, and then this bill will then indicate to us, the policymakers, which areas can be purchased by the foreign investors.&quot;&quot;So that many areas like Metro Manila will probably not be allowed, because it’s really quite congested now and the prices of land are really quite high now here in Metro Manila,&quot; he explained.<div>--ANC, 19 January 2024</div>

A former Finance secretary said lawmakers should seriously consider allowing foreigners to own land in the Philippines.

Ex-Finance chief wants restrictions for land ownership by foreigners removed

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Ex-Finance chief wants restrictions for land ownership by foreigners removed

Benise Balaoing,

ABS-CBN News

Published January 19, 2024 02:23 PM PHT

Read More:

Gary Teves

Finance Secretary

charter change

cha-cha

land

land use

foreign ownership

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