BI blacklists 310 Chinese investors

MANILA, Philippines – More than 310 Chinese suspected of having withdrawn their investments and their 404 dependents have been blacklisted and their visas revoked.

Immigration Commissioner Marcelino Libanan said he issued the order at the request of the Board of Investments (BOI) which had approved the special investor’s resident visa (SIRV) of the 310 Chinese.

“It appears that they have pulled out their investments as they failed to submit an updated report of their investments to the BOI as required by law creating the SIRV,” he said in a statement.

A special investor’s resident visa allows the holders to stay indefinitely in the Philippines, provided they maintain their investments here, he added.

Libanan said he also issued a hold departure order against the blacklisted aliens to prevent them from leaving the country and evade payment of the fines and penalties they owe the government.

“We should not allow pseudo-investors to take advantage of our liberal policy toward foreign businessmen by using sham investments as a ploy to gain resident status in our country,” he said.

In her letter to Libanan dated Sept. 30, BOI Executive Director Lucita Reyes said the 310 Chinese failed to comply with the agency’s annual reportorial requirements for SIRV holders despite repeated notices.

Their failure to submit a sworn report of their existing investments to the board constitutes a ground for the cancellation of their SIRVs, she added.

It was learned that out of the 321 SIRV holders who were sent notices, only 11 complied with the rule and avoided having their visas canceled.

The remaining 310 SIRV holders had reportedly sought an extension of the deadline given them before their visas are canceled, but the BOI denied their requests.