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PIA Press Release

Analysis: EO 758 waives visa applications for foreigners willing to invest in RP

By Miriam P. Aquino

San Fernando City, La Union (18 November) -- President Arroyo recently signed Executive Order (EO) 758 which allows indefinite stay of foreigners here in the Philippines on conditions that they are going to invest in legitimate and sustainable business here and employ at least 10 Filipinos.

Just in time with the present economic meltdown, Immigration Commisioner Marcelino Libanan said that the signing of the EO by the President which launches the job-generation visa or the Special Visa for Employment Generation (SVEG) would mitigate the negative impact of the global financial turmoil to the Philippine economy.

Libanan said that foreigners who will do business in the country and will employ 10 Filipinos must invest at least P200 million because one job creation costs P10 million. "This would be an active investment because foreign investors pay monthly compensation to their employees, thus revolving the economy", he added.

Sergio Ortiz-Luis of the Philippine Chamber of Commerce and Industry quoted that if we can create even just a half of the 100,000 jobs targeted under this EO, it would push our employment program and competitiveness.

Peter Makijalo of Finland Chamber of Commerce was also quoted as saying, "Its very exciting and there are such tremendous opportunities in areas like tourism and manufacturing while you have a very easy access to a country which makes it easier to do business with."

Foreigners who acquire the visa are considered special non-immigrants with multiple entry privileges and conditional extended stay without needing to depart from the Philippines.

This visa privilege can also be extended to the visa applicant's spouse and children under 18 years of age, whether legitimate, illegitimate or even adopted.

The guideline also states that aside from engaging in any business, visa applicants must also have the genuine intention to stay here in the country for long, but also warns that they must not be assessed as somebody that can possibly pose threat to national security.

The President has given directive to the Bureau of Immigration to monitor continued compliance by visa holders of SVEG and authorized the BI to impose revocation of visa to foreigners found to be guilty of violating the rules and conditions of the visa issued to them. (PIA La Union) [top]

|«  prev  next  »|
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