Right of way, foreign leasing, e-governance reforms seen to boost investments
MANILA, Philippines — The influential Makati Business Club (MBC) on Tuesday cheered the passage of three key reforms seen to boost investment, speed up infrastructure projects and enhance government transparency.
In a statement, the MBC hailed Congress for approving amendments to the Right of Way Act, the Foreign Investors’ Long-Term Lease Act and the E-Governance Act.
“These reforms are aligned with our advocacies for improvements in governance, infrastructure and transparency, which we see as key drivers to attract more investors and create more jobs,” the club said.
The Right of Way Act amendments are expected to streamline land acquisition processes for infrastructure projects, reducing costly delays.
READ: Another cure for right of way woes
Meanwhile, the changes to the Foreign Investors’ Long-Term Lease Act aim to encourage more foreign capital by easing restrictions on long-term leases.
The bill aims to allow qualified foreign investors to lease private land for up to 99 years, a practice already used by neighboring countries like Singapore, Malaysia, and Indonesia.
READ: Significant reforms for economic growth
Lastly, the E-Governance Act seeks to promote transparency and efficiency by expanding digital access to government services.
“We hope that the proper implementation of these reforms will achieve the intended goal of enhancing the country’s competitiveness,” the business group said.