House of Rep lift restrictions on foreigners working in Philippines

The House of Representatives has approved on third reading the bill (House Bill 300) amending the Foreign Investment Act, which lifts restrictions on foreign professionals working in the Philippines, according to The LaSallian.

201 voted for the bill, six voted against the bill and seven abstained.

The proposed Foreign Investments Act excludes the 'practice of professions' from the coverage of the Foreign Investment Negative List (FINL).

It also lowers the number of local employees that foreign small and medium-sized companies are required to hire from 50 to 15 provided they have a paid-up capital of USD 100,000.

BREAKING: The House of Representatives has approved the Foreign Investment Act, which lifts restrictions on foreign professionals working in the Philippines, on its third reading. | via @rapplerdotcom pic.twitter.com/7ThQJVJAD9

— The LaSallian (@TheLaSallian) September 9, 2019

Further details are awaited.

This is a developing story.