FFCCCII hails 99-yr foreign lease bill OK

The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) lauded Congress for approving economic reform bills that seek to extend the term of foreign leases to 99 years and streamline the rigorous right-of-way (ROW) process.

- By DEXTER BARRO II

FFCCCII, which comprises over 170 business and trade associations, said the two bills will help spur more foreign investments into the country and fast-track infrastructure projects that are a boon for the economy.

"These landmark legislative measures mark a decisive step forward in enhancing the Philippines' economic dynamism, global competitiveness, and attractiveness as a prime investment destination," the group said in a statement, signed by its president, Victor Lim.

Both the Senate and the House of Representatives earlier approved the bicameral conference committee reports embodying the reconciled versions of the two bills.

The two bills are identified as priority measures of the Marcos Jr. administration under the Legislative-Executive Development Advisory Council (LEDAC).