Philippines lets foreigners lease land for 99 years to boost investment

Net foreign direct investments into the Philippines fell 26.9 per cent to US$3 billion from January to May. - Photo: Reuters

MANILA: The Philippines has allowed foreigners to lease land for up to 99 years, as the Southeast Asian nation seeks to lure investors with longer-term property contracts.

Philippine President Ferdinand Marcos Jr. this week signed the law liberalising the lease of private lands by foreign investors, according to a copy posted on the government’s Official Gazette.