Senate OKs bills before Yuletide break

Senate OKs bills before Yuletide break | Daily Tribune

The Senate on Monday approved on third and final reading several measures aimed at improving the country’s tourism and economic industries.

With only three session days left before the Christmas break, the Senate targets to pass several bills on enhancing the country’s investment destination, spurring economic growth, creating jobs, as well as protecting the country’s seascapes and landscapes nationwide.

The chamber is set to adjourn on 18 December for the holiday season and will resume on 13 January 2025.

Among the passed measures were Senate Bill (SB) 2898, authored by Senate President Francis Escudero, or an Act Liberalizing the Lease of Private Lands by Foreign Investors, seeking to extend land lease limits for foreign investors to 99 from 75 years in a bid to entice foreign investments.

SB 2898, which was included in the priority measures of President Ferdinand Marcos Jr.’s administration, allows foreign investors to sublet properties unless barred by a contract.

It also seeks to amend the 31-year-old Investors’ Lease Act, allowing foreign investors to lease private land for an initial period of 50 years, and is renewable once for a period of not more than 25 years.

“This bill seeks to address this economic roadblock by strengthening the legal framework for long-term leases provided under Republic Act 7652,” Escudero said.

Under the measure, Escudero said that foreign investors can lease land for agriculture, agroforestry, and ecological conservation purposes.

“Attracting foreign investors has been a long-standing priority of the government, spanning several administrations. Foreign direct investment, as a source of financing, is critical in realizing socio-economic objectives such as increasing employment levels, creating decent work, infusing technology into domestic businesses, and improving the integration of local enterprises with the global market,” said the Senate President.

“It expands the allowable lease period to 99 years, subject to certain conditions and requirements,” he added.

Also passed was SB 2878 which seeks to reorganize the National Economic and Development Authority into the Department of Economy, Planning and Development (DEPDev).

Senator Juan Miguel Zubiri, chairperson of the Committee on Economic Affairs, led the deliberations on the proposed measure — positioning DEPDev as the government’s primary policy, planning, coordinating and monitoring body for economic development.

The Senate also unanimously approved SB 2799, or the Metro Bataan Development Authority Act, which aims to facilitate the holistic development of the province with the creation of the Metro Bataan Development Authority.

On child care, the Senate passed on third reading SB 2575 which seeks to ensure the alignment of basic education and early childhood care and development.

The chamber likewise approved SB 1273 or the Muslim Filipinos, Indigenous Peoples, and Other Denominations Access to Public Cemeteries Act filed by Senator Robinhood Padilla.

Under the bill, public cemeteries will determine the size of burial grounds for Muslims, indigenous peoples and other denominations. If the portion is insufficient, the local government may acquire land.

Meanwhile, the Senate approved on third reading SB 2872, or an Act Declaring the Sixteenth Day of May of Every Year a Special Working Holiday to be known as the “National Education Support Personnel Day,” mandating the Department of Education and the Commission on Higher Education to lead in its observance.