Lancaster Suites Manila
President Arroyo recently signed Executive Order (EO) No. 758 into law allowing foreigners to stay indefinitely in the Philippines provided they will employ at least 10 Filipinos. We see this as another opportunity to boost sales of real estate and employment in the Country amidst the global credit crisis said Beth Collingz, Overseas Sales Director of PLC International Marketing Networks, the lead marketing partners for Pacific Concord Properties Inc’s Lancaster Brand of Condo Hotel developments in the Philippines.
Collingz said that the move is considered timely and will help mitigate the negative impact of the current global economic meltdown that is expected to affect the Philippines this year.
EO No. 758, which has the effect of a law, prescribes guidelines for the issuance of a special visa to non-immigrants for employment generation.
Under the guidelines, the Bureau of Immigration shall issue Special Visa for Employment Generation (SVEG) to a foreigner engaged in viable and sustainable commercial enterprise, trade or industry that has in its employ at least 10 Filipinos.
Foreigners who acquire the visa are considered special non-immigrants with multiple entry privileges and conditional extended stay, without need of prior departure from the Philippines.
The same visa may be extended to the visa applicant’s spouse and dependents under 18 years of age, whether legitimate, illegitimate, or adopted.
The guidelines also provide that aside from investing in a particular business, the visa applicant must have a genuine intention to remain in the Philippines and that he or she must not be a risk to national security.
Investors may now immigrate to the Philippines, purchase Condo Hotel commercial establishments and run their businesses in the Country taking advantage of the lower overheads and cost of living. Why stay in London, New York or Chicago amidst the credit crisis and harsh winter weather when you can operate your IT or Service Businesses in Manila at less than half the cost you have to pay back home said Collingz
The Lancaster Brand of Condotels in Manila and Cebu offer affordable ready for cccupancy commercial office and store units for immediate occupancy located on the upper and lower ground floors at Lancaster Suites Tower I Shaw Boulevard, Metro Manila. Long term investors may also purchase off plan office units at Lancaster Atrium Manila on 12 year payment terms.
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