With a vote of 201 in favor and six against, the bill proposing to lift restrictions against the employment of foreign professionals in the country was approved by the House of Representatives on third and final reading last night.
House Bill No. 300 seeks to amend Section 4 and 8 of Republic Act No. 7042 or the Foreign Investment Act of 1991.
HB 300 is a consolidation of three bills authored by Reps. Victor A. Yap (NPC, Tarlac), LRay Villafuerte Jr. (NP, Camarines Sur), and Joey Sarte Salceda (PDP-Laban, Albay).
Previously approved by the House during the 17th Congress, HB 300 will further open the Philippines to foreign investors by allowing foreign professionals to be employed in small and medium domestic market enterprises with paid in capital of $100,000.
However, the bill provides for other requirements for a firm to hire non-Philippine nationals in their enterprise.
Under these provisions, the enterprise should involve advanced technology as determined by the Department of Science and Technology and have under its employ 15 workers.
By excluding the practice of professions from the coverage of the Foreign Investment List, the country may attract direct investments and facilitate transfer of technologies.
The Professional Regulations Commissions has registered its strong objection to the measure as it warned that it can be a violation of the 1987 Constitution. (Ben Rosario)