THE SENATE Economic Affairs Committee is 鈥渃atching up鈥 in deliberations on proposed amendments to the decades-old Republic Act No. 7042, or the Foreign Investments Act (FIA) of 1991, the panel鈥檚 chairman said on Monday.

鈥淎s you know, the Senate is behind the calendar of the House. They鈥檝e already passed it, we haven鈥檛. The President is urging us to enter into a bicameral talks ASAP…,鈥 Senator Imee R. Marcos, committee chairperson, said at Monday鈥檚 hearing.

The panel was tackling Senate Bill Nos. 418, 919 and 1024, which propose to amend the law primarily to allow foreigners to practice their professions in the Philippines and to make it easier for them to set up small businesses here.

Ms. Marcos said while President Rodrigo R. Duterte did not give a deadline, he had asked for approval of the proposed FIA amendments in his third and fourth State of the Nation speeches.

鈥Sa 17th Congress pa isinalang na 鈥榶an; tapos 鈥榶ung Kongreso… two weeks ago pa, so talagang naghahabol tayo (That reform was introduced in the last Congress and was approved in the House of Representatives two weeks ago, so we are really pressed for time) I鈥檓 playing catch up…鈥 Ms. Marcos told reporters after the hearing.

Asked if she sees approval by yearend, Ms. Marcos replied: 鈥淚 hope so, it鈥檚 been done in the House, I don鈥檛 see why the Senate can鈥檛 do it.鈥

The House on Sept. 9 approved House Bill No. 300 on third and final reading. The House version excludes 鈥減ractice of profession鈥 from coverage of the Foreign Investment Negative List (FINL) that lists sectors reserved for Philippine nationals.

It also proposed to reduce the minimum employment requirement to 15 from 50 direct local hires for small- and medium-sized domestic enterprises that are established by foreign investors with paid-in capital of at least $100,000.

American Chamber of Commerce of the Philippines, Inc. Senior Adviser John D. Forbes, who represented the Joint Foreign Chambers (JFC) in yesterday鈥檚 hearing, supported the said provision, saying: 鈥淭he concept of this is to continue to allow foreign investors to go into these sort of residual areas, smaller areas, but they can鈥檛 obviously afford 50 employees.鈥

鈥淲e would encourage the Senate version to also adopt that.鈥

None of the three Senate bills provided for the reduced minimum employment requirement.

Mr. Forbes said the JFC also backs annual review of the FINL, instead of once every two years. The 11th FINL was updated in October 2018, three years and five months since the preceding FINL was issued in May 2015.

This reform nearly made it out of the 17th Congress after securing third reading approval in the House last January, but failed to hurdle the Senate before the June 3 adjournment.

It is among the measures the Cabinet economic development cluster wants approved by the end of the first regular session of the 18th Congress on June 5 next year. — Charmaine A. Tadalan

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