Manila, Sept. 5 -- President Ferdinand R. Marcos Jr. has signed Republic Act (RA) 12252, which amends the Investors' Lease Act (RA 7652), allowing foreign investors to lease private lands in the Philippines for up to 99 years.

Previously, the law only permitted long-term leases for a maximum of 50 years, renewable once for an additional 25 years.

Under RA 12252, signed on Sept. 3, the President may impose a shorter lease period for investors engaged in vital services or industries deemed as critical infrastructure, in the interest of national security or national development.

The measure requires that foreign investors hold an approved investment and comply with regulations set by the appropriate investment promotion agency.

"Withdraw...