Over 300 foreign investors secure special business visas

More than 300 foreign investors from 39 countries secured special business visas allowing them to stay in the Philippines indefinitely, the Bureau of Immigration (BI) said Monday. Of the total 344 businessmen that secured special visas for employment generation (SVEG), 141 were Korean investors, the agency said. Issued to foreign investors who have investments in the country or are employed by enterprises with 10 or more regular, full-time workers, SVEGs entitle holders to stay in the Philippines as long as their investments or employment continues. Besides Koreans, 43 Chinese nationals also availed of the special business visa. Likewise, 27 Americans, 19 Taiwanese, 16 Britons, 15 Indians, 11 Japanese, 11 Australians, eight Malaysians, six Singaporeans, and four Germans also received their special visas. Other nationals also secured the special Philippine business visa, said the agency, which earned more than P6.7 million in fees for issuing the document. As of May, some 530 foreigners received the SVEG, including the 344 principal visa holders and 186 of their dependents. As of May, a total of 530 foreigners were issued the SVEG which included the 344 principal applicants and 186 of their dependents and paid the government more than P6.7 million in immigration fees. These foreign businessmen employed a "total of 34,446 full-time and regular workers in 234 companies," said Bureau of Immigration Commissioner Marcelino Libanan. - RJAB Jr/KBK, GMANews.TV