Special investor’s visa issued to 140 applicants
Posted on September 24th, 2009
To boost investment in the country, the Bureau of Immigration (BI) offered special visa for employment generation (SVEG) to foreign investors and expatriates. Immigration Commissioner Marcelino Libanan announced that there were a total of 140 companies based in Philippines which have applied for the SVEG.
Libanan, in quoting a report submitted by lawyer and head of BI-SVEG one-stop shop center Cris Villalobos said, the 140 companies represent the 217 principal applicants and their 120 dependents who were granted indefinite stay in the country for providing employment to Filipinos.
The bureau was said to have raised some P4.31 million revenue due to the application since the visa was launched in April.
Pursuant to the executive order of President Gloria Macapagal-Arroyo which was signed last November, the SVEG was introduced to reward foreigner the privilege to stay in the country indefinitely if they provide employment opportunities to Filipinos.
The companies that have applied for SVEG are located in places where the SVEG one-stop-shop centers have been established, like Metro Manila, Laoag, Davao, Subic, Boracay, Cebu and Angeles City.
Some of the companies that availed of the privilege included National Grid Corp. of the Philippines, Fontana Development Corp., EEI Corp. Cathay Builders Center Inc., Fort Ilocandia Land Development Co., Samsung Multi-English Company, SME Networks Philippines Training Center, and Ilocos Norte Mining Co.
The 140 companies have a combined total of more than 30,300 regular and full-time Filipino workers who are in their payroll.
The SVEG is issued to a foreigner with an interest in a company or entity that employs at least 10 full-time and regular Filipino workers either for managerial, executive, professional, technical, skilled, or unskilled positions.
To apply for the visa, a foreigner must certify that he or she has a lawful immigration status in the country, engaged in a viable and sustainable business, exercises managerial acts with authority to employ, promote, and dismiss employee, and evinces a genuine intention to indefinitely remain in the Philippines.
