Amends Foreign Investments Act to woo foreign investment

04 Mar 2022

On 4 March 2022, the Government amended the Foreign Investments Act to allow foreign investment in more business sectors and boost employment and growth.

The law allows for the first time international investors to set up and fully own small and medium-sized businesses, and hold 100% equity in firms in sectors where they could already operate. Previously, foreign investors could only invest in small businesses if they hired at least 50 Filipino workers.

In addition, the law halves to $100,000 the minimum capital required to set up a business, as long as foreign investors hire at least 15 local workers and introduce advanced technology.