Vol. XXII, No. 82 [ BusinessWorld Online ]
Tuesday, November 18, 2008 | MANILA, PHILIPPINES
FOREIGN INVESTORS employing at least 10 Filipinos can stay indefinitely in the Philippines via a new visa scheme announced by Malacañang yesterday.
Executive Order (EO) 758 provides for the issuance of a Special Visa for Employment Generation (SVEG), which will grant qualified foreigners non-immigrant status.
The visa can be extended to spouses and dependents under 18 years old whether legitimate, illegitimate or adopted.
"[If we make it easy for foreign investors to acquire a visa that allows them to stay indefinitely ... we encourage them to infuse their capital ... and thus provide jobs to Filipinos," Immigration Commissioner MarceliC. no Libanan said.
The scheme, he added, is expected to create at least 100,000 jobs.
"The order was signed so foreigners would invest here. What is important is for them to create jobs," Mr.
Libanan said.
"We have so many OFWs (overseas Filipino workers) ... If we attract foreign investors, our workers can work here especially now that other countries may be hit by a recession."
Foreigners who want to secure SVEGs should satisfy four conditions:
he or she should be engaged in a viable and sustainable commercial investment or enterprise in the Philippines;
he/she should demonstrate a genuine intention to indefinitely remain in the country;
he/she should not pose a risk to national security; and
the commercial investment or enterprise should employ at least 10 Filipinos.
The Immigration commissioner is required to resolve SVEG applications within 15 days from filing. If denied, a motion for reconsideration should be filed within 15 days. Only one appeal can be made.
The SVEG can be revoked if the holder fails to maintain compliance with the conditions set, if the visa was obtained through fraud, if a court issues a final conviction against the holder, and if authorities declare the holder a risk to national security.
Mr. Libanan said the rules implementing the EO would be finalized before yearend, with the EO itself to take effect 15 days after it has been published in at least two broadsheets.
"This is one of the [results] of the long discussions we had with various foreign chambers on how we could further enhance investments, and what kind of non-fiscal incentives can we come up with," Trade Secretary Peter B. Favila said. — Alexis Douglas B. Romero
