MANILA: Philippines President Rodrigo Duterte approved a law allowing foreign investment in more business sectors, his office said on Friday, in a bid to boost jobs and growth in the Southeast Asian economy.
The law, which amends a three-decade old foreign investment rule, allows for the first-time international players to set up and fully own small and medium-sized businesses, and hold 100% equity in firms in sectors where they could already operate.
Previously, foreign investors could only invest in small businesses if they hired at least 50 Filipino workers. “Foreign investments shall be encouraged in enterprises that significantly expand livelihood and employment opportunities for Filipinos,”…
