At least 100,000 new jobs will be created as a result of the proposed new visa for foreign investors, Bureau of Immigration Commissioner Marcelino Libanan announced yesterday.
The new visa scheme allows indefinite stay in the country for foreign investors who will employ at least 10 Filipinos in viable and sustainable businesses in the Philippines.
Libanan said the proposed new indefinite stay visa, dubbed the "job-generating visa," will be based on actual jobs created by a foreigner’s investments in the Philippines, instead of on his or her supposed capital deposited in the Philippine banking system.
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