Photo Release

December 7, 2021

Senate ratifies amendments to Foreign Investments Act: Sen. Imee Marcos presents the highlights of the bicameral report on the disagreeing provisions of Senate Bill No. 1156 and House Bill No. 300, also known as the amendments to the Foreign Investments Act of 1991 during the hybrid plenary session Tuesday, December 7, 2021. Marcos said the bicameral conference committee agreed to use the Senate version as the working draft. She said Sec. 2 of the bill was adopted, which clarified the definition of investment with the practice of profession, in particular, adopting the Professional Regulatory Commission 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 by the scope of practice of a professional regulatory law. She said Sec. 3 of the bill was also adopted with the House panel proposing changes in the composition of the interagency investment promotion coordination committee. She said the change, designating the secretary of the Department of Finance as the vice chairman and the addition of another representative from the National Capital Region, to Luzon, Visayas and Mindanao, would actually promote and render inclusive the agency concerned. Other highlights included the adoption of Sec. 6, with the House panel agreeing to the establishment of an online portal for foreign investors and 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. (Screen grab/Senate PRIB)

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