Investments board signs Lease Act IRR
THE Board of Investments (BoI) has signed the implementing rules and regulations (IRR) for the Republic Act No. 12252, or the 99-year Investors’ Lease Act, marking a step towards the new regulation’s implementation next year.
“Our goal is to establish the Philippines as a top global investment destination,” Trade Secretary and BoI Chairman Ma. Cristina A. Roque said in a statement on Thursday.
“This signing provides the long-term security our investors need and proves that we are serious about creating a more competitive and business-friendly nation,” she added.
The IRR, which the BoI signed with the Land Registration Authority on Dec. 19, operationalizes the extension of lease periods for private land by foreign investors from 75 years to an aggregate of 99 years.
“By offering longer leasehold terms, the government aims to attract a steady flow of long-term capital, advanced technology, and global expertise,” the BoI said.
“Beyond extending lease durations, the IRR introduces vital administrative safeguards designed to protect both landowners and lessees,” it added.
In particular, the IRR requires annotating lease contracts on the land title, which is meant to make the lease binding to the public and provide an essential layer of legal protection.
“Additionally, the IRR simplifies the investor journey by providing a clear, step-by-step process for compliance and establishing specific timelines for government agencies to act on applications, thereby reducing bureaucratic friction,” it said.
In a social media post, the Bases Conversion and Development Authority (BCDA) welcomed the signing, noting that the implementation of the new regulation will help provide “more certainty for investors, better long-term planning, and more jobs, infrastructure, and growth across BCDA developments.”
The law, signed on Sept. 3, also gives investment promotion agencies the power to enforce commitments, the BCDA added.
The new regulatory framework is expected to take effect on Jan. 4, following its publication on Dec. 20. — Justine Irish D. Tabile
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