House Ways and Means Committee chair Joey Salceda (File photo courtesy of House Press and Public Affairs Bureau)
The chairperson of the House of Representatives Ways and Means Committee on Thursday expressed support for the proposal allowing the long-term lease of land to foreigners.
In a statement, committee chair, Albay Rep. Joey Salceda, said he believes there should be no limits to the right to lease property.
"It’s a cancellable contract that can be subject to rules and safeguards anyway," Salceda said.
He was referring to Speaker Martin Romualdez's proposal to raise the maximum period of land lease for foreigners to encourage more investments.
Under existing laws, foreign investors may lease private lands for 50 years renewable for another 25 years for the establishment of industrial estates, factories, plants, and land development for industrial, or commercial use, tourism, and similar priority productive endeavors.
The leased premises shall be used solely for investment upon the parties’ mutual agreement.
Salceda said the proposal was also among the first agenda items that Special Assistant for Investment and Economic Affairs Secretary Frederick Go broached to him when he was appointed to the Marcos Cabinet.
“I wholeheartedly support it. If a piece of legislation is not prohibited by the Constitution, then it’s not a workaround, plain and simple,” he said.
The 1987 Constitution allows foreigners to enter into long-term leases over private lands and real estate.
Romualdez earlier said the Legislative-Executive Development Advisory Council has identified the proposal to amend the Foreign Investors’ Long-Term Lease Act as a priority measure for approval before the conclusion of the 19th Congress next year.
Comments