An Act Promoting Foreign Investments, Amending Thereby Republic Act No. 7042 (Republic Act No. 11647).

The amendments aim to promote and attract foreign investments by allowing, for the first time, international investors to set up and fully own domestic enterprises (including micro and small enterprises) in the Philippines. Further, amendment includes the establishment of an Inter-Agency Investment Promotion Coordination Committee (IIPCC) tasked with integrating the promotion activities to encourage foreign investment. The IIPCC is also in charge of development of the foreign investment promotion and marketing plan for the medium five-year and the long term ten-year plan. The IIPCC in coordination with the National Security Council (NSC) and the NEDA shall review foreign investment involving military related industries. The text contains 17 Sections.