The Senate has ratified the bicameral conference committee report on the bill that seeks to promote foreign investments in the Philippines.
Senator Imee Marcos, who chairs the Senate Committee on Economic Affairs, who presented the bicam report on the reconciled version of Senate Bill No. 1156 and House Bill No. 300, said the bicameral panel agreed to use the Senate version of the measure, which seeks to amend the Foreign Investments Act of 1991, as the working draft.
The measure primarily aims to improve the investment climate in the Philippines to attract, promote and welcome foreign businesses in the country which are expected to ramp up the country’s socio-economic development.
She said Sec. 2 of the bill, which clarified the definition of investment with the practice of profession was adopted by the bicam panel.
In particular, the measure adopted the Professional Regulatory Commission’s (PRC) definition of professions as an activity or undertaking rendered and performed by registered and duly licensed professional or holder of a special temporary permit as defined under the scope of practice of a professional regulatory law.
She also said Section 3 of the bill was also adopted with the House panel proposing changes in the composition of the Inter-Agency Investment Promotion Coordination Committee. The bill designates the Finance secretary as vice-chairman and another representative from Metro Manila in addition to representatives from Luzon, Visayas and Mindanao.
The bicam also agreed to the establishment of an online portal for foreign investors as stated under Sec. 6.
The bicam also adopted Sec. 7 clarifying the language in compliance with the export requirements under The Corporate Recovery and Tax Incentives for Enterprises (CREATE) or Title 13 of the national Internal Revenue Code, among others.
The Senate adopted and ratified the measure on Tuesday night, Dec. 7. The final version of the bill would be sent to Malacañang for President Duterte's signature.