Bureau of Immigration (BI) Commissioner Jaime Morente advised foreign investors on Monday (Nov. 16) to secure required visas first before entering the Philippines.
Morente said in a statement that foreign investors who will be allowed entry are those with Special Investor’s Resident Visa (SIRV) and those granted under Executive Order No. 226 or the Omnibus Investment Code.
“Those who will be entering the country under visa types not yet allowed by the IATF (Inter-Agency Task Force for the Management of Emerging Infectious Diseases) will still be restricted,” he stated.
However, Morente clarified that not all SIRVs may be allowed to enter.
The SIRV, a government program meant to attract foreign investments, requires investors to invest capital in viable economic activities.
“SIRVs issued under Executive Order No. 63 in tourist-related projects and tourist establishments are still restricted,” Morente said.
“Only those issued under EO 226 may be allowed for now, following the IATF ruling,” he added.
The BI explained visas under EO 226 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.”
Morente issued the advisory after being asked by several business groups for clarification.
He disclosed that he has already sought clarification from the Department of Justice (DOJ) which explained to him what kind of visas foreign investors should have before entering the Philippines amid the travel restrictions due to the ongoing pandemic.