PEZA: Amended Investors' Lease Act to attract more long-term investments

The Philippine Economic Zone Authority (PEZA) is planning to capitalize on a newly approved law that extends the long-term lease contracts for foreign investors by stepping up efforts to encourage more long-term investments to the country.

- — Louella Desiderio

In a statement yesterday, PEZA said it welcomes the enactment of Republic Act 12252, which amends the Investors' Lease Act by extending the maximum lease period for private lands to foreign investors to up to 99 years from 50 years.

The law is expected to benefit the investment promotion agency, as well as other ecozone authorities like the Bases Conversion and Development Authority, Subic Bay Metropolitan Authority and Clark Development Corp., as they lease out state-owned lands to eligible investors under long-term lease contracts.

"As an investment promotion agency, PEZA will leverage this reform to further attract and retain long-haul foreign and local investments that generate jobs, exports and sustainable economic growth," PEZA said.