The German-Philippine Chamber of Commerce and Industry (GPCCI) yesterday said amendments introduced in the Foreign Investments Act (FIA) will pave the way for foreign professionals to share their skills to Filipinos.
In welcoming signing of Republic Act No. 11647 by President Duterte last March 2, the Chamber said the law provides an online portal containing a list of local enterprises capable and willing to partner with potential foreign investors will be available.
The law will also allow the alignment of the skills development curriculum to the manpower requirements elaborated under the Foreign Investment Promotion and Marketing Plan.
“We find this as a win-win solution for both Filipinos and foreign investors,” said Stefan Schmitz, GPCCI president.
“With these amendments, more foreign professionals can now share their skills with Filipinos to enhance local and international competitiveness in various sectors,” Schmitz added.
In turn, this would also help generate more employment in the country as the law enables more foreign investments that would expand the Philippine job market.
The group said RA 11647 makes the Philippines a more attractive destination to foreign investors to stimulate the economy and expand livelihood amidst the COVID-19 pandemic.
More jobs will be generated and information, skills, and technology transfer from foreign investors will be utilized to advance the state of business and various industries in the country, the chamber said.
“The restrictions lifted under the said amendments also address difficulties of foreign-owned SMEs (small and medium enterprises) and further introduces strategic investment programs that shall further promote the country as an attractive investment market,” said Christopher Zimmer, GPCCI executive director.
The limitations set by the previous law were also minimized by reducing investment areas reserved for Filipino nationals and allowing foreign investors to set up 100 percent wholly-owned small and medium enterprises.
