Press Release
January 23, 2015


Before the Senate adjourned last December 18, 2014, Senator JV Ejercito filed Senate Bill 2517 which seeks to amend investment restrictions in specific laws governing adjustment companies, lending companies, financing companies and investment houses cited in the Foreign Investment Negative List (FINL). The said bill aims to liberalize investment activities/ areas which significantly contribute to industrialization and socioeconomic development.

The FINL was first introduced in 1991 as a systemic reform for foreign investment to improve transparency among foreign investors limiting their business activities and ownership. Foreign investment is restricted to the maximum of 40% as mandated by the Constitution and specific laws. This limit is formulated in accordance with Republic Act No. 7042, otherwise known as the Foreign Investment Act of 1991 as amended by Republic Act no. 8179.

The Senator from San Juan is in great belief that through legislation, foreign direct investment would be guided to the right path of national economic development. The floodgates of job and career opportunities for our country men would open once the FINL is slightly freed up from too much restriction. If the harsh realities tell us that there is limited to no job and career opportunities and there is another party that could provide such, we should take whatever help we could get.

In pursuance of economic reforms, Senator Ejercito through Senate Bill 2517 ambitions cooperation from foreign investors in harnessing the rich business potential of the Philippine economy. "Progress might be slow, but we're getting there. We envision a future filled with boundless business opportunities for our countrymen, peacefully coexisting with foreign cooperation," said Senator Ejercito.

It is of great pride for the Senator that the Joint Foreign Chambers of the Philippines took notice of his efforts in further opening channels for more business prospects between the Philippines and other countries. In a letter dated January 22, 2015, Rhicke Jennings and Ian Porter, President of American Chamber of Commerce of the Philippines, Inc. and Australian-New Zealand Chamber of Commerce of the Philippines, Inc., respectively, requested the support of Speaker Feliciano Belmonte in passing Senator JV Ejervito's Senate Bill No. 2517. They Joint Foreign Chambers of the Philippines endorsed to Speaker Belmonte Senator Ejercito's bill stating that it will facilitate entry of investments through foreign equity and trade lliberalization.

If the FINL works as a gap for economic development, then let it be reformed through legislation. Let the gap be bridged.

SBN 2517-Foreign Investment Liberalization bill

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