Mindanao representative has hailed the third and final reading approval of House Bill 8764 as a major amendment to the Foreign Investments Act of 1991.
“As Member of the House Committee on Tourism, I supported HB 8764 because of the growth impact it can have by modernizing our tourism sector using online booking and cyberspace technologies,” Misamis Oriental secod district Rep. Juliette Uy said.
Uy said HB 8764, when it becomes law, will allow foreign investors to infuse $100,000 minimum paid-in capital into small and medium enterprises (SMEs) capitalized at up to $200,000, engaged in advanced technologies, and with at least 15 direct employees.
“In Misamis Oriental and nationwide, we have thousands of tourism SMEs. An investment of $100,000 which is about P5.2 million can give a tourism SME strong internet and social media presence through online bookings and offering of their services and visitor destinations,” the Misamis Oriental 2nd District solon said.
“Multiply that by the tens of thousands tourism SMEs nationwide and we could very well see a tourism boom in the next few years,” Uy said.
She noted that “reliable and efficient cyberspace access has long been a weakness of many tourism SMEs in the country.”
“As early as now, the Department of Tourism (DOT) and Department of Trade and Industry (DTI) ought to lay the groundwork for the implementation of this amendment to the Foreign Investments Act of 1991. A National Registry and Database of SMEs can be crucial, and will also dovetail with the execution of the Ease of Doing Business Act,” Uy, vice chair of the House Committee on Small Business and Entrepreneurship Development said. (PR)
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