MANILA, Philippines – (UPDATE) President Gloria Macapagal-Arroyo signed on Monday Executive Order 758, which will allow foreign investors to stay in the country indefinitely if they have at least 10 Filipinos in their employ.

Arroyo signed EO 758, which will provide mechanisms for the Special Visa on Employment Generation (SVEG) in ceremonies at Malacañang's Rizal Hall.

Bureau of Immigration Commissioner Marcelino Libanan said that in its first year of implementation, EO 758 would generate at least 100,000 jobs.

"I think liberalizing restrictive laws in the Philippines for investors is very positive for the Philippines. It will bring in new technology and new capital. The country has a high unemployment rate so I'm delighted to see this happening," John Forbes, chairman of the American Chamber of Commerce (AmCham) legislative committee, told reporters after the signing.

According to the EO, the SVEG will be granted to a "qualified, non-immigrant foreigner who shall actually employ at least 10 Filipinos in a lawful, sustainable enterprise, trade, or industry."

The businessman must also have "genuine intention" to stay in the Philippines indefinitely and must not pose a risk to national security. Failure to maintain the said requirements would result in the revocation of the visa, the EO said.

The SVEG will also be granted to the businessman's spouse and dependents or unmarried children below 18 years old, it said.

Intelligence agencies will run background checks on SVEG applicants, Justice Secretary Raul Gonzalez said in a separate interview with reporters.

"Kasi, sensitive yan e [That's a sensitive matter]. We are also a gateway against terrorism. You cannot just extend visas to people whose backgrounds may not be desirable," he said.