1. What role does the government of the Philippines play in approving and regulating foreign direct investment?
The following Philippine government agencies are involved in approving and/or regulating foreign direct investments into the Philippines:
The Securities and Exchange Commission (SEC) exercises jurisdiction and supervision over all corporations, partnerships, or associations doing business in the Philippines. Foreign investors desiring to invest in the Philippines may establish various business enterprises (such as a domestic corporation or subsidiary, a branch, or a representative office) by registering under the Foreign Investments Act of 1991 (FIA) and obtaining the appropriate license from the SEC. The SEC is also vested with the power to regulate and formulate policies and recommendations on issues affecting the securities market in the Philippines.
The Board of Investments (BOI) regulates and promotes investments in the Philippines through the grant of fiscal and non-fiscal incentives. The BOI annually prepares and recommends to the President of the Philippines an Investment Priorities Plan (IPP), which specifies the preferred areas of investment in the Philippines. Enterprises engaging in preferred areas of investment may register with the BOI and qualify for fiscal incentives (e.g., income tax holiday and exemption from certain taxes) and non-fiscal incentives (e.g., employment of foreign nationals and a simplified customs procedure).
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