Senate OKs bill amending Foreign Investments Act in final reading

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Metro Manila (CNN Philippines, September 14) – The Senate unanimously approved on third and final reading Senate Bill 1156, which seeks to amend the Foreign Investments Act of 1991.

The bill is one of the key economic measures that President Rodrigo Duterte certified as urgent.

Among the salient points of the legislative measure is the creation of the Investment Promotions Council, which will address foreign investors' complaints such as lack of infrastructure and poor Internet and electricity connection.

The council will develop the Investment Priorities Plan to help potential foreign investors partner with local enterprises.

The measure also stipulates that foreign e-commerce businesses can be treated as domestic enterprises and shall not fall under the constitutional prohibitions on foreign ownership of media and educational institutions, provided the greater part of their business is not conducted in the Philippines.

The House of Representatives has yet to pass the measure's counterpart bill.