Govt says 100,000 Pinoys to benefit from proposed investors’ visa

MANILA, Philippines - At least 100,000 Filipinos will benefit from a proposed visa allowing foreign investors to stay indefinitely in the Philippines, according to the Bureau of Immigration.

Immigration Commissioner Marcelino Libanan on Wednesday said that the proposed visa for foreign investors who could provide employment for at least 10 people, “is a job-generating visa" that will directly benefit Filipinos.

"The benefits of the new indefinite stay visa will be easier to determine because we know that for every visa granted, we've created 10 jobs," he said, adding that the proposal would be different from intangible gains under other visa schemes that benefit the Philippine economy through the banking system.

The bureau said representatives from the departments of labor and employment, tourism, trade and industry, and foreign affairs welcomed the proposal and made suggestions on how to guard the visa scheme against abuse.

A foreign investor who will apply for the indefinite stay visa needs to secure endorsement from the government agency overseeing the industry where he or she engages in business.

Libanan said that because the indefinite stay visa would remain a visa for non-immigrants, foreigners who apply for it still have to secure an alien employment permit to be able to work legally in the Philippines. - GMANews.TV

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