World | Philippines
Philippines issues new rules to attract foreign employers
Foreigners who employ at least 10 Filipinos can stay in the country indefinitely, the Philippine government said on Monday in an attempt to woo more investors.
- AP
- Published: 13:55 November 17, 2008
Manila: Foreigners who employ at least 10 Filipinos can stay in the country indefinitely, the Philippine government said on Monday in an attempt to woo more investors.
President Gloria Macapagal Arroyo signed the new rules in hopes of providing more jobs for Filipinos as the country braces for a global economic slowdown, said Immigration Commissioner Marcelino Libanan.
"We envision that if we make it easy for foreign investors to acquire a visa that allows them to stay in the country indefinitely, we encourage them to infuse their capital and provide jobs," he said.
Official figures show direct foreign investment accounts for about 15 per cent of the country's gross domestic product.
The new rules apply only to foreigners who employ 10 or more Filipinos "in viable and sustainable commercial enterprises, trade or industry," the Immigration Bureau said.
The bureau, however, has not made it clear if foreigners can keep such a visa even after their business no longer employs Filipinos.
Most other visitors are allowed to stay at least 21 days, depending on their nationality. Most visas can be extended for up to a year.
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