President Gloria Macapagal-Arroyo signed today, 18 November 2008, an executive order that would allow foreigners to stay in the Philippines indefinitely provided they will employ at least 10 Filipinos.

The President signed the Executive Order (EO) No. 758 during a brief
program held this morning at the Malacanang Rizal Hall and attended by
Immigration Commissioner Marcelino Libanan, Trade and Industry
Secretary Peter Favila, Justice Secretary Raul Gonzales, Special Envoy
Francis Chua, and Shameem Qurashi, chairman of the Philippine
Association of Multi-National Council Regional Headquarter, Inc.

Libanan, who thanked the President for signing EO No. 758, said the
President?s action is timely because the launching of the
job-generation visa would mitigate the negative impact of the current
economic meltdown on the Philippine Economy.

EO No. 758, which has the effect of a law, prescribes guidelines for
the issuance of a special visa to non-immigrants for employment
generation.

Libanan said in an interview after the signing of the executive order
that it would be easier now for foreigners to do business in the
country as EO No. 758 waives the requirements for visa applications
and encourages them to bring their investment into the country.

He said a foreigner who employs 10 Filipinos must invest at least P200
million because one job creation costs P10 million. This would be an
active investment because the foreign investors pay monthly
compensation to their employees, ?thus it revolves the economy, hindi
tulad ng nangyayari ngayon na inactive ang investments.?

Under the guidelines, the BI shall issue Special Visa for Employment
Generation (SVEG) to a foreigner engaged in viable and sustainable
commercial enterprise, trade or industry that has in its employ at
least 10 Filipinos.

Foreigners who acquire the visa are considered special non-immigrants
with multiple entry privileges and conditional extended stay, without
need of prior departure from the Philippines.

Also, the same visa may be extended to the visa applicant?s spouse and
dependents under 18 years of age, whether legitimate, illegitimate, or
adopted.

The guidelines also provide that aside from investing in a particular
business, the visa applicant must also have a genuine intention to
remain in the Philippines and he or she must not be a risk to national
security.

President Arroyo directed the BI to continuously monitor the continued
compliance by the visa holders of the SVEG, and authorized the BI
commissioner to revoke the visa of a foreigner found to have violated
the conditions of his visa.