Senator Christopher “Bong” Go has commended President Duterte for signing Republic Act (RA) 11647 which introduces amendments to the Foreign Investments Act of 1991 that would further encourage and promote foreign direct investments in the Philippine economy.

‘’We thank President Duterte for signing the law that seeks to revitalize the business and investment climate in the country, especially now that the pandemic has severely affected our economy,’’ Go said.

Go, chairman of the Senate health and demography committee, noted that the new law would attract more investments in the country, resulting in the creation of additional jobs and other business opportunities, and ultimately a comfortable life for all Filipinos.

The new law lowers the minimum paid-in capital for foreign investors to establish small- or medium-sized enterprises in the country from US$200,000 to US$100,000 if they employ 15 direct employees.

The law also provides for the creation of the Inter-Agency Investment Promotion Coordination Committee which will integrate all promotion and facilitation efforts to encourage foreign investments in the country and establish a one-stop shop for foreign investors.

The amendments allow enhanced transparency in monitoring foreign investments and liberalizes the practice of professions not regulated by special laws, thereby attracting foreign investors that would otherwise be unable to do business in the country.

Additionally, the law provides safeguards such as the review of investments that are of particular interest to national security.

Go said that the enactment of the bill would help harmonize foreign investment plans throughout the country to accelerate the country’s global competitiveness and foster an inclusive and sustainable form of development.

“This will hopefully result in more unified, responsive, and proactive foreign investment promotion programs and policies that would ensure the country’s regional and global competitiveness,” the lawmaker from Davao added.

Earlier, the government’s economic team, including the Department of Finance (DOF), Department of Budget and Management (DBM), Department of Trade and Industry (DTI), and the National Economic Development Authority (NEDA, has requested the certification of the measure, among other bills, as urgent to accelerate economic recovery amid the pandemic.

Go, earlier, urged the government to prioritize the implementation of an investment plan which would ensure equitable distribution of wealth, and accelerate socio-economic development in rural areas.

This approach, he said, would help communities recover from the adverse impacts of the COVID-19 pandemic and provide more economic opportunities to those who wish to start a new life in the countryside.

“Iba po ang panahon ngayon, kailangang tulungan at mas maengganyo ang mga investors na gustong pumasok dito sa atin. ‘Pag maraming investors, mas maraming trabaho (The time has changed, there is a need to help and further encourage investors who want enter the country. ‘With more investors, there will be more jobs)” Go said.

“Siguraduhin rin nating makabenepisyo rito ang mga kababayan natin sa malalayong komunidad (We have to ensure that our countrymen in far-flung communities will benefit from this). Marami na pong gustong umuwi sa kanilang probinsya kaya gawan natin ng paraan na may kabuhayan silang uuwian doon (Most of them want to go back to their respective provinces, we need to find ways that will ensure that they have livelihood in their provinces),” he added.