With only three session days before Christmas break, the Senate on Monday, December 16, 2024, approved on third and final reading several measures to improve the country’s prospect as an investment destination, spur economic growth, and create jobs.
Also passed were local bills aimed at protecting the country’s seascapes and landscapes nationwide.
The bill is a priority measure of President Ferdinand “Bongbong” R. Marcos, Jr.’s government. It seeks to amend the 31-year-old Investors’ Lease Act, allowing foreign investors to lease private land for an initial period of 50 years, and is renewable once for a period of not more than 25 years. “This bill seeks to address this economic roadblock by strengthening the legal framework for long-term leases provided under Republic Act No. 7652. It expands the allowable lease period to 99 years, subject to certain conditions and requirements,” he added.
Further, the Senate unanimously approved SBN 2799 or the Metro Bataan Development Authority Act to facilitate the holistic development of the province with the creation of the Metro Bataan Development Authority .
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