Two major business groups on Tuesday hailed the passage of three essential business and governance reform laws, which they said will encourage more investment in the Philippines.
In a press statement, the Makati Business Club (MBC) said the ratification of amendments to the Right of Way Act, the amended version of the Foreign Investors’ Long-Term Lease Act, and the e-Governance Act will attract more investors, expedite key infrastructure projects and enhance transparency.
The MBC expressed hope that these reforms could be implemented appropriately to achieve the intended goal of enhancing the country’s competitive edge.
In a separate statement, Victor Lim, President of the Filipino-Chinese Chamber of Commerce and Industry Inc. (FCCCII), said the extension of land lease terms to 99 years provides much-needed stability and confidence to global investors, aligning the Philippines with its regional peers and fostering long-term capital inflows.
Lim said the Right-of-Way law streamlines infrastructure projects, ensuring timely execution and mitigating bureaucratic delays that have historically impeded progress.
The MBC, in congratulating Congress on the passage of the three bills, said it advocates for improvements in governance, infrastructure, and transparency as key drivers to attract more investors, thereby creating more jobs.
“We believe that these reforms are aligned with these advocacies,” the MBC said.
The FCCCII, for its part, called for a sustained focus on meaningful socio-economic reforms that promote inclusive prosperity, including policies that empower micro, small, and medium enterprises, enhance the ease of doing business, and strengthen the Philippines’ position in global trade and investment networks.
“We encourage greater emphasis on trade, investments, and tourism promotion,” Lim said.
On June 9, the Senate and the House of Representatives approved a bicameral conference committee report, which will extend the term of foreign leases to 99 years from the current 75, a statement released by the Senate said.
The Senate also ratified the bicameral conference committee report on the proposed e-Governance Act, which aims to modernize the Philippine government’s public service delivery through digital platforms.
On June 11, the Senate ratified the bicameral committee report, which unifies Senate Bill No. 2821 and House Bill No. 6571, collectively known as the Accelerated and Reformed Right-of-Way (ARROW) Act.
