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://gyglfs.com
- Earthquake kills 250, injures 500 in Afghanistan
- Major road closures in Manila announced for 2025 Bar Examinations
- Social media erupts: Politicians' children face backlash for flaunting wealth
- Chinese bridge collapse kills at least 12 construction workers
- Philippines to launch shame campaign vs traffic violators
- SEARCH WARRANT
- Tax bureau hunts down contractors over questionable flood control deals
- Senator raises concern over deported Filipino seafarers
- Rains over Metro Manila, parts of PH as LPA may develop into 'short-lived' tropical depression
- Isko Moreno files charges against contractor over illegal demolition of sports complex in Manila
