House Bill No. 300 seeks to amend Section 4 and 8 of Republic Act No. 7042 or the Foreign Investment Act of 1991.
Previously approved by the Lower House during the 17th Congress, HB 300 will further open the Philippines to foreign investors by allowing foreign professionals to be employed in small and medium domestic market enterprises with paid-in capital of $100,000. Under these provisions, the enterprise should involve advanced technology as determined by the Department of Science and Technology and have under its employ 15 workers.
The Professional Regulations Commissions has registered its strong objection to the measure as it warned that it can be a violation of the 1987 Constitution.
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