The Philippines introduced a 99-year land lease policy to attract foreign investment.

The Philippines has allowed foreigners to lease land, with leases lasting up to 99 years. This Southeast Asian country is attracting foreign investors by offering longer term real estate contracts. According to documents published in the official gazette of the Philippine government, President Ferdinand Marcos signed a law this week that relaxes restrictions on foreign investors leasing private land. The law revises a 1993 act which stipulated a land lease term of 50 years, with only one renewal allowed for a maximum of 25 years. This policy aims to encourage investors to develop industrial parks, factories, as well as tourism and agricultural projects in the archipelago country of the Philippines.