Foreign investors may soon be able to own land in RP

Land ownership may soon be possible for foreign investors as the Filipino business community accepts the realities of globalization.

According to former Trade Undersecretary Jose P. Leviste Jr., who was recently appointed as a member of the Consultative Commission (ConCom) tasked to recommend possible changes to the 1987 Constitution, he is prepared to suggest to the ConCom to recommend allowing foreigners to own land in the country.

However, Leviste said, the land ownership right would require reciprocity.

Thus, if Americans are allowed the right to own property in the Philippines, Filipinos should have the same and equal right to own property in the United States.

In the case of the US, it already allows foreigners the right to acquire property there, Leviste said.

The Philippines, in the past, allowed US businesses to own property in the country.

However, that right was withdrawn upon the termination of the Laurel-Langley Agreement.

The reciprocity requirement would apply to other nationalities which may also be closed to foreign ownership, Leviste said.

At the start of his term, Trade and Industry Secretary Peter B. Favila had expressed his support for foreign ownership of their business property.

Favila noted that allowing land ownership is one way of attracting more investors who are more likely to stay since they own the land where their business is set up.

Philippine Chamber of Commerce and Industry (PCCI) president Donald Dee also has an open mind about foreign land ownership, realizing the need to accept business realities.