House OKs longer-term land lease to foreigners

Quick Summary:

The House Committee on Trade and Industry on Tuesday approved a bill extending land leases to foreigners for up to 99 years by amending Republic Act 7652, or the Investors’ Lease Act.

Speaker Romualdez said extending lease terms would provide investors with more certainty and stability, potentially leading to more significant investments in various sectors.“They cannot buy land, but the terms of their land lease can be long.

In a position paper, the Philippine Economic Zone Authority (PEZA) said the proposed extension of the allowable lease period represents a substantial enhancement for the Philippines’ investment landscape.“This is a very significant enhancement and positive development for the investment landscape in the Philippines, and which we support.

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Article Details

Author / Journalist: Jovee Marie N. de la Cruz

Category: BusinessStartups

Markets: Philippines

Topics: Long-term Bill Investment Terms Years Economic Land Investors Foreign Lease

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-05 @ 15:17:41 (22 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 728 words

Reading Time: 5 minutes read

Sentences: 25 lines

Sentence Length: 30 words per sentence (average)

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Copyright Owner: © Business Mirror

News ID: 23433797

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