By Robina Asido

President Rodrigo Duterte signed a law promoting foreign investments in the country.

Republic Act No. 11647, an act amending the "Foreign Investments Act of 1991" was signed by Duterte on March 2.

The copy of the signed law which eased the restriction on foreign investments was released by the Palace on Friday.

Under the law, qualified foreign investors are allowed to "do business" or "invest in a domestic enterprise up to 100 percent of its capital".

The law also allowed up to 100 percent ownership of foreign investment in export enterprises whose products and services do not fall within the "foreign investment negative list" or the list of investment areas reserved to Philippine nationals.

It also states that "micro and small domestic market enterprises are reserved to Philippine nationals" provided if "they involve advanced technology as determined by the Department of Science and Technology or they are endorsed as startup or startup enablers by the lead host agencies pursuant to RA No. 11337 otherwise known as the Innovative Startup Act: or a majority of their employees are Filipinos, but in no case shall the number of Filipino employees be less than 15, then a minimum paid-in-capital of $100,000 shall be allowed to non-Philippine nationals."

The law said an Inter-Agency Investment Promotion Coordination Committee (IIPCC) led by the Secretary of the Department of Trade and Industry is tasked "to integrate all promotions and facilitation efforts to encourage foreign investments in the country.''

"Upon the order of the President, the IIPCC in coordination with the National Security Council and NEDA, shall review foreign investments involving military-related industries, cyber infrastructure, pipeline transportation, or such other activities which may threaten territorial integrity and the safety, security and well being of Filipino citizens," it said.

However it also noted that any recommendation to suspend, prohibit or otherwise limit a reviewed foreign investment shall be transmitted to the Office of the President for appropriate action. DMS