By Pia Lee-Brago Updated January 01, 2009 12:00 AM
The Finland Chamber of Commerce in the Philippines said the government’s visa policy for foreign investors will encourage investors to raise their stakes in the Philippines.
President Arroyo has signed Executive Order (EO) No. 758 allowing foreigners to stay indefinitely in the Philippines provided they will employ at least 10 Filipinos.
The move is considered timely to help mitigate that negative impact of the current global economic meltdown that is expected to affect the Philippines by next year.
EO No. 758, which has the effect of a law, prescribes guidelines for the issuance of a special visa to non-immigrants for employment generation.
Petteri Makitalo of the Finland Chamber of Commerce in the Philippines said investors will have easy access to the market.
Makitalo said the Philippines needs as many laws as possible to facilitate the entry of business and tourism into the country. “The new visa opens opportunities in tourism and manufacturing here,” he said.
Under the guidelines, the Bureau of Immigration shall issue Special Visa for Employment Generation (SVEG) to a foreigner engaged in viable and sustainable commercial enterprise, trade or industry that has in its employ at least 10 Filipinos.
Foreigners who acquire the visa are considered special non-immigrants with multiple entry privileges and conditional extended stay, without need of prior departure from the Philippines.
The same visa may be extended to the visa applicant’s spouse and dependents under 18 years of age, whether legitimate, illegitimate, or adopted.
The guidelines also provide that aside from investing in a particular business, the visa applicant must have a genuine intention to remain in the Philippines and that he or she must not be a risk to national security.
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