THE PHILIPPINES: The Senate and the House...
THE PHILIPPINES: The Senate and the House of Representatives approved a bill easing restrictions on the entry of foreign investments in the cash-strapped Philippines. The two chambers approved separately a consolidated foreign investments bill that a joint conference committee hammered out last week. Among other things, the bill allows 100% foreign investment in areas not found on a so-called negative list of enterprises from which foreigners are barred. The negative list will be drawn up by the National Economic and Development Authority and will include investment areas exclusively reserved to Filipinos under the constitution, such as the exploitation of natural resources, defense-related industries and those affecting morals and overcrowded industries.
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