Business group supports 99-year lease bill

The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) said it welcomes the congressional approval of two long-awaited economic reform bills including the 99-year lease of land for foreign investors and the Right of Way Bill.

FFCCCII president Victor Lim said the bills mark a decisive step forward in enhancing the Philippines' economic dynamism, global competitiveness and attractiveness as an investment destination.

The business community said it has advocated for years for the reforms, which it says will unlock opportunities for infrastructure development, foreign direct investments and sustainable economic growth.

The extension of land lease terms to 99 years provides stability and confidence to global investors, aligning the Philippines with regional peers and fostering long-term capital inflows, it said.

The Right of Way Bill streamlines infrastructure projects, ensuring timely execution and mitigating bureaucratic delays that have historically impeded progress.

The FFCCCII called the legislative milestone a "testament to the government's commitment to fostering a more investor-friendly climate, one that prioritizes economic pragmatism and forward-looking policy-making."

It also commended lawmakers for their dedication and urged "continued momentum in advancing similarly bold, growth-oriented measures."

The FFCCCII called for sustained focus on socio-economic reforms that promote inclusive prosperity, such as policies that empower micro, small and medium enterprises (MSMEs), enhance ease of doing business and strengthen the Philippines' position in global trade and investment networks.

It also encouraged greater emphasis on trade, investments and tourism promotion within the country's diplomatic and political discourse.

It said the Filipino Chinese business community "stands ready to collaborate with both the public and private sectors in realizing the full potential of these reforms."