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://www.xs888999.com
This new law amends the Investors' Lease Act by extending the lease period limit of 75 years.
- La Niña forecast from Sept-Dec, expect more tropical cyclones, above normal rainfall -- Pagasa
- Nartatez vows fair assignments, better resource management as new PNP chief
- Malacañang calls plot to jail VP Duterte 'wild imagination'
- Choose Ombudsman with integrity, intelligence, insight – Cayetano
- Hawaii's Kilauea volcano erupts with lava pouring out from multiple vents
- North Korea's Kim Jong Un travels to Beijing to watch military parade alongside Putin, Xi Jinping
- Filipino weightlifter Vanessa Sarno banned for 2 years for anti-doping violation
- 'Blood Moon' to rise during total lunar eclipse Sunday night
- Putin tells Xi China-Russia ties are at 'unprecedented level'
- Two dead as strong earthquake jolts Afghanistan
