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  "documentTitle": "Doing business in the Philippines 2021",
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      "text": "House Bill No. 78: Amendment to the Public Service Act\nApproved by Lower House (10 March 2020)\nThe bill provides for a clearer definition of 'public utilities,' specifically narrowing these down to services involving electricity distribution and transmission, and water and sewerage pipeline distribution. This allows for greater foreign investment in other businesses, particularly telecoms, which were previously considered public utilities and subject to foreign ownership restrictions.",
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      "text": "House Bill No. 300: Amendment to the Foreign Investment Act\nApproved by Lower House (9 September 2019)\nIn an effort to further attract foreign investment, the bill proposes to allow foreigners to own SMEs with a minimum paid-up capital of less than US$100,000 if it involves advanced technology, or employs at least 15 direct employees. Under these amendments, the practice of professions will also be excluded from the coverage of the Foreign Investment Negative List (FINL), effectively attracting more foreign professionals to the country.",
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      "text": "Senate Bill No. 1840: Amendment to the Retail Trade Liberalization Act\nPending second reading (16 December 2020)\nThe proposed amendments aim to further liberalize the retail sector, allowing the entry of more foreign companies. Provisions include lowering the minimum paid-up capital for foreign retail investors from US$2.5 million to US$300,000, and for retailers with more than one physical store, lowering the required investment per store from US$830,000 to US$150,000.",
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      "text": "Memorandum Order No. 50: 2020 Investments Priority Plan (IPP)\nSigned (18 November 2020)\nIn line with Executive Order 226: The Omnibus Investments Code of 1987, the Board of Investments shall prioritize investments that promote the goals set forth in the Bayanihan Act and Bayanihan 2.\nPreferred investment activities in the 2020 IPP include those related to providing essential goods and services in the fight against COVID-19, among others, and activities that promote employment opportunities. For the full list, please see the Foreign investments section.",
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