AMENDMENTS to economic reform laws, especially the liberalization measures, will benefit investors in the Philippines, and a trade official detailed them at a forum hosted by the German-Philippine Chamber of Commerce and Industry on Tuesday.
According to Perez, several categorizations previously were confusing. “There was a Category A, B, C, and D, with different capital requirements from $250,000 to $7.5 million dollars. Now, it’s only a standard single P25 million. So there’s no more categorization.”“So previously, as you can see it’s $250,000 to $830,000. But now it’s only a standard $200,000 or P10.5 million,” he added.
An important amendment, according to Perez, is the creation of the 13-member Interagency Investment Promotion Coordination Committee , with four representatives coming from various industry or business chambers. He cited another salient provision under the FIA: foreign investors or enterprises who can do business or invest 100 percent of their capital in domestic enterprises.
The amended Public Service Act or RA 11659 transfers regulatory powers from the Public Service Commission, which has been abolished, to several administrative agencies. Perez explained the definition and enumeration of public utilities: “So it refers to all concessionaires, joint ventures, entities providing public service that operates, manages, controls for public use.”
Source: News Formal (newsformal.com)
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