summaries of hb and sb on the foreign investment liberalization act
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house bill and senate billTRANSCRIPT
TO:Atty. Juan Ricardo B. TanPartner, Romulo Mabanta BuenaventuraSayoc & De Los Angeles
FR:Angeline B. Buenaventura, Henry F. Oaminal & Charla S. TsoiInterns, Romulo Mabanta BuenaventuraSayoc & De Los Angeles
RE:Comparative table on H.B. 5544 and S.B. 2517
A Comparative Table on H.B. 5544 and S.B. 2517: The Foreign Investment Liberalization Act of 2015
House Bill 5544Senate Bill 2517
TitleForeign Investment Liberalization Act of 2015
PolicyTo promote investment from foreign individuals and corporations in order to enhance progress and development
Lifting of Nationality RequirementAll existing laws and regulations which impose foreign investment limitations on adjustment companies, lending companies, financing companies and investment houses are repealed.
Adjustment CompaniesRemoves the 60% foreign ownership limitation imposed by the R.A. 10607 (Insurance Code of the Philippines)
Lending CompaniesRemoves the 49% foreign ownership limitation imposed by R.A. 9474 (Lending Company Regulation Act 2007). However it provides that a lending company, more than 40% of whose capital is owned by foreign nationals, cannot take part in the foreclosure sale whenever the loan is secured by land.
Financing CompaniesRemoves the 60% foreign ownership limitation for voting stocks imposed by R.A. 8556 (Financing Company Act of 1998).
Investment HousesRemoves the 49% foreign ownership limitation imposed by P.D. 129 (Investment Houses Law).No provision on Investment Houses