Philippine, Thailand, and Russia’s Merger and Acquisition policy this week:
Duterte signs amendments to the Philippine Foreign Investment Act to ease foreign investment restrictions. The Philippine government issued Republic Act 11647, which amended the Philippine Foreign Investment Act of 1991. President Rodrigo Duterte signed the bill to ease restrictions on foreign investment in the Philippines. Amended Foreign Investment Act allows eligible non-Filipino nationals to do business or invest in businesses in the Philippines up to 100% equity and broaden the scope of investments; allow 100% ownership by foreign investors in SMEs Ownership (equity); allows foreign professionals and experts to obtain work visas, work in industries not restricted by special laws, etc.
The cabinet of Thailand has approved special preferential policies for the Eastern Economic Corridor. The Thai cabinet has approved special incentives for seven economic zones in the Eastern Economic Corridor (EEC) to strengthen Thailand’s investment competitiveness. According to the deputy government spokesman, the seven economic zones include Eastern Aviation Economic Corridor (EECa); Eastern Innovation Economic Corridor (EECi); Eastern Digital Economic Corridor (EECd); Eastern Medical Centre Economic Corridor (EECmd); Eastern Gene Economic Corridor (EECi). EECg); Eastern High-Speed Rail Economic Corridor (EECh); and Digital and High-Tech Hub. Cabinet has also allowed the EEC office to offer special policies to investors in seven regions on a case-by-case basis to attract investors.
The Russian government plans to temporarily restrict the withdrawal of foreign capital from the Russian market. Russian Prime Minister Mishustin said that the Russian government has drafted a presidential decree temporarily restricting foreign investment from the Russian market. Mishustin said that under the current situation, foreign companies have to consider not only economic factors, but also political factors. This new policy is to give those foreign-funded enterprises that are preparing to withdraw from the Russian market an opportunity to weigh the pros and cons.