Presidential aspirant and Senator Panfilo M. Lacson, Sr. on Tuesday assured micro and small enterprises that there are provisions in the new law that relaxes restrictions on foreign investments to protect their sector. READ:
“We opened up to foreigners the opportunity to invest here but it has safeguards. As long as the starting capital is $200,000 and below, that is protected, no foreign investors can get involved. This covers the micro and small ,” he said in Filipino in a statement on Tuesday.
Micro, small and medium enterprises collectively accounted for 99.5% of all businesses in the country, based on the Philippine Statistics Authority’s 2020 List of Establishments. Mr. Lacson said that the recently-signed Republic Act 11647, which amended the three-decade-old Foreign Investments Act, will open more credit windows and capital sources for micro and small entrepreneurs.They may fully own small- and medium-sized enterprises with a minimum paid-up capital of less than $100,000 or P5 million if majority of their direct employees are Filipinos.