The Philippine House of Representatives has approved the Investors' Lease Act, extending the maximum lease period for foreigners to 99 years from the previous 75 years. The bill, a priority measure, aims to attract foreign investors by allowing them to lease private lands, including state-owned patrimonial properties managed by investment promotion agencies. Lease agreements will require approval from the Department of Trade and Industry-Board of Investments, except for those within economic zones or freeport areas.
The House of Representatives on Tuesday approved the Investors’ Lease Act which allows foreigners to lease lands in the country for a maximum period of 99 years from a previous threshold of 75 years.This came after the measure under House Bill 10755 garnered 175 yes votes, three no votes and two abstentions during the day’s plenary session.
Violations of the proposed measure, however, carry a fine of P1 million to up to P10 million.‘Beyond life expectancy’House Assistant Minority Leader and Gabriela party-list Rep. Arlene Brosas, however, said House Bill 10755 won’t benefit the country since it allows foreigners to own the land, including those lands under control of state-run corporations, with the lease timeframe of 99 years or way beyond life expectancy.
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