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Foreign investors need required investors’ visa to enter PH — BI

Cathrine Gonzales

November 16, 2020 01:26pm

MANILA, Philippines --- Foreign investors planning to enter the Philippines must have the required investors' visa before they can be allowed entry to the country as travel restrictions remain due to the COVID-19 pandemic, the Bureau of Immigration (BI) said Monday.

Immigration Commissioner Jaime Morente said foreigners holding visas under Executive Order No. 226 or the Omnibus Investments Code, as amended by Republic Act No. 8756, as well as those with the Special Investor's Resident Visa (SIRV) issued pursuant to EO 226 may be allowed to enter if they have their valid and existing visas.

"Those who will be entering the country under visa types not yet allowed by the IATF will still be restricted," he said in a statement.

Morente made the advisory following a request from several business groups for clarification on which investors are allowed to enter the country.

He said that the BI has sought clarification from the Department of Justice (DOJ) on whether or not SIRV holders are covered by inbound travel restrictions following queries on the matter.

The DOJ, in turn, said that SIRV holders are exempt from inbound travel restrictions imposed on foreigners, as their visas were also issued pursuant to EO No. 226.

According to Morente, visas under EO 226 as amended by RA 8756 are given to foreign personnel employed as executives, their spouse and unmarried children under twenty-one years of age, of regional or area headquarters of multinational companies.

The SIRV program, which attracts foreign investments to the country, requires investors to invest capital in "viable" economic activities. Under the program, the spouse and unmarried children below 21 years old of the SIRV holder are likewise allowed to secure an SIRV as dependents.

However, Morente said that "SIRVs issued under Executive Order No. 63 in tourist-related projects and tourist establishments are still restricted."

"Only those issued under EO 226 may be allowed for now, following the IATF ruling," he added.