Review of Strategic Industries

Review of Strategic Industries

Upon the order of the President, the IIPCC, in coordination with the National Security Council (NSC), and the NE DA, shall review foreign investments involving military-related industries, cyber infrastructure, pipeline transportation, or auch other activities which may threaten territorial integrity and the safety, security and well-being of Filipino citizens, when:

“(a) Made by a foreign government-controlled entity or state-owned enterprises except independent pension funds, sovereign wealth funds and multi- national banks; or

“(b) Located in geographical areas critical to national security.

“Any recommendation to suspend, prohibit, or otherwise limit a reviewed foreign investment under this section shall be transmitted to the Office of the President for appropriate action.”

Section 10: Anti-Graft Practices its Foreign investment Promotions.

Public officials and employees involved in foreign investment promotions ehall uphold the highest standards of public service, accountability, and integrity. Accordingly, any public official or employee involved in foreign investment promotions who shall commit any of the acts under Section 3 of Republic Act No. 3019, as amended, otherwise known as the Anti-Graft and Corrupt Practices Act, shall, in addition to the penalties provided under Section 9(a) of the said Act, be punished by a fine of not less than Two million pesos (P2,000,000.00) but not more than Five million pesos (P5,000,000.00).”

Section 11: Non-Applicability

This Act shall not apply to banking and other financial institutions which are governed and regulated by Republic Act No. 8791, otherwise known as “The General Banking Law of 2000” and other laws under the supervision of the Bangko Sentral rig Pilipinas. Moreover, this Act shall not apply to the practice of professions that are covered by specificlaws and fall under the jurisdiction of various Profeasional Regulatory Boards (PRBS) or any other equivalent regulating body, or those subiect to reciprocity agreements with other countries.

‘to the extent applicable, and provided that the necessary licenees, work permits and visaa are properly secured from the relevant government agencies, any occupation, employment or practice of profession not covered by any special law or reciprocity agreement as provided in the previous paragraph shall be subject to the proviaiona of this Act.”

Section 12: Funding

50m pesos from the Contingent Fund of the General Appropriations Act for the current fiscal year will go to the IIPCC.

Thereafter, the amounts necessary to carry out this Act shall be included in the General Appropriations Act (o

Section 14 Implementing Rules

The NEDA, in consultation with the DTI and the DOF, will amend the existing rules anal regulations necessary for the imp1ementation of this Act.

Section 15 Repealing Clause

Republic Act No. 7042, aa amended, is hereby amended. All laws, decrees, orders, rules and regulations or other issuances or parts thereof inconsistent with the provisions of this Act are hereby repealed or modified accordingly.

Section 16 Separability Clause

If any portion or pro.vision of this Act is declared unconstitutional, the remainder of thia Act or any provision not akected thereby shall remain in force and effect.

Section 17

this Act shall take effect after fifteen (15) days following its publication in the O//fciof Gnzetfe or in a newspaper o(general circulation in the Philippines.

This Act which is a consolidation of House Bill No. 300 and Senate Bill No. 1156 was passed by the House of Representatives and the Senate of the Philippines on December 7, 2021.