THE SENATE approved a bill on Monday extending the maximum term for land leases entered into by foreign investors, and another measure reorganizing the socio-economic planning agency.
Senate Bill No. 2898, which seeks to amend the 31-year-old Investors’ Lease Act, extends the term for foreign leases to 99 from 75 years.
Under the current setup, foreign investors may lease private land for an initial period of 50 years, renewable for a further 25 years.
The latest bill, which is among the measures that Congress seeks to pass before the midterm elections, also allows foreign investors to sublet properties unless barred by contract.
The proposal will also allow foreign investors to lease land for agriculture, agroforestry and ecological conservation.
Senate President Francis Joseph G. Escudero said the bill is in line with government efforts to attract foreign investment, which he called “critical in realizing socio-economic objectives such as increasing employment levels, creating decent work, infusing technology into domestic businesses, and improving the integration of local enterprises with the global market.”
“This bill seeks to address this economic roadblock by strengthening the legal framework for long-term leases provided under Republic Act No. 7652,” he said in a statement.
The Senate also passed on third and final reading a bill seeking to reorganize the National Economic and Development Authority into the Department of Economy, Planning and Development (DEPDev).
The bill positions DEPDev “as the government’s primary policy, planning, coordinating and monitoring body for economic development.” — Kyle Aristophere T. Atienza
