2009-05-15 00:52:44 - President Arroyo recently signed Executive Order (EO) No. 758 into law allowing foreigners to stay indefinitely in the Philippines provided they will employ at least 10 Filipinos.

The move is considered timely to help mitigate that negative impact of the current global economic meltdown that is expected to affect the Philippines by next year.

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.

Under the guidelines, the Bureau of Immigration 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.

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 have a genuine intention to remain in the Philippines and that he or she must not be a risk to national security.

We see this as another opportunity to boost sales of real estate and employment in the Country amidst the global credit crisis said Beth Collingz, Overseas Sales Director of PLC International Marketing Networks, the lead marketing partners for Pacific Concord Properties Inc’s Lancaster Brand of Condo Hotel developments in the Philippines.

Investors may now immigrate to the Philippines, purchase Condo Hotel commercial establishments and run their businesses in the Country taking advantage of the lower overheads and cost of living said Collingz