The official economic planning agency of the Philippines recently released the result of a study it conducted showing that the country continues to be financially resilient and remains as one of the few economies enjoying positive Gross Domestic Product (GDP) growth rates.
This according to the National Economic Development Authority (NEDA), who added that despite the global economic slowdown, there will be a, “…continued Philippine economic growth beyond 2009.”
Thus, in anticipation of the influx of foreign investors that will be taking advantage of this positive economic development, Manila Visa is informing potential investors of a special visa granted by the government to these foreign traders.

What is an SIRV
The Special Investor Resident Visa or SIRV entitles the holder to reside in the Philippines for an indefinite period on the condition that he maintains the minimum required investment provided under the SIRV law, and comply with other legal conditions.
Manila Visa explains that under the law, the potential foreign investor must at least be twenty-one (21) years of age, willing and able to invest the amount required by the law on SIRV, has not been convicted of a crime involving moral turpitude, has not been afflicted with any loathsome, dangerous or contagious disease, and has not been institutionalized for any mental disorder or disability.
The same special visa may also be issued to the spouse of the applicant, and his unmarried children who are under twenty-one (21) years of age.
Manila Visa adds that aside from an indefinite stay in the country, SIRV holders are likewise given the right to import used household goods and personal effects without tax and duties.

What investments are allowed?
Under the SIRV law, an alien businessman may be allowed to acquire shares of stocks in: a) publicly-listed companies; b) companies engaged in Investment Priorities Plan (IPP) projects; or c) companies engaged in the “manufacturing” and “service sectors.”
Investment Priorities Plan projects or “IPP projects,” are specific and general categories of economic activities which the government promotes for investments. Under Memorandum Order 105, the following activities are currently considered as the Priority Investment Areas in the country. These activities may be the subject of investment by the SIRV holder:

Export Activities
Manufacture/production of non-traditional products
Export trading (non-traditional export products)
Services
Support to exporters
Support To Government Programs
Agricultural/fishery/forestry production, processing and service
Information technology services
Mass housing projects including development and fabrication of housing components
Drugs and medicine
Social services
Tourism
Environmental projects
Infrastructure
Common carriers
Engineered products
Projects of cooperatives
Development of energy sources
Shipbuilding / ship repair / ship breaking
Manufacture of motor vehicles and parts components
Research and development activities

On the other hand, the following services fall under the contemplation of “services sector,” and may therefore also be the subject of investment by the SIRV holder:
Business services
Communication services
Construction and other related engineering services
Distribution services
Educational services
Environmental services
Financial services
Health related and social services
Tourism and travel related services
Recreational, cultural, and sporting wear services
Transport services
Other services not included elsewhere
Thus, a prospective applicant has several financial ventures to choose from. However, ownership of shares of stock in corporations engaged in wholesale trading is not allowed under Philippine laws.

Under the law, foreign investors are allowed to invest 100% equity in companies engaged in almost all types of business activities subject to certain restrictions as prescribed in the Foreign Investment Negative List (FINL) and other related laws.

Manila Visa for a trouble-free application
The Philippine government has taken measures to make the processing of the SIRV easy, comfortable, and less stressful to the potential investors. However, Manila Visa believes that since several other statutes on the Commercial Laws of the Philippines are intertwined and correlated with the law on SIRV, the alien applicant may still suffer anxiety and stress in the compliance and filing of the required documents, because of the other statutes which must also be taken into consideration.
This is the reason why Manila Visa believes that the potential investor requires the assistance of experts in immigration law to aid them in the speedy and trouble-free approval of the SIRV.
Manila Visa can help the potential applicant in the handling and compliance of the following documents:
Duly-accomplished and notarized application form, with recent photographs
Clearance from the National Intelligence Coordinating Agency (NICA), together with either a clearance from the central government agency of the applicant’s country or place of residence competent to give information about any criminal record that the applicant may have.
Medical certificate issued by the Department of Health, or any licensed or accredited hospital certifying that applicant is physically and mentally fit.
Certification under oath from the duly-authorized officers of any accredited depository bank in the Philippines as to the amount of foreign exchange inwardly remitted by applicant, and its conversion to pesos through the said bank, in the prescribed form.
Certified true copy of the certificate of peso time deposit with a maturity period of at least thirty days. The original copy is allowed to remain with the depositary bank for safekeeping.
Birth certificate/family registry/household registry duly authenticated by the Philippine Consulate/Embassy located in the applicant’s home country or the applicant’s embassy in the Philippines.
If spouse and dependent children are included in the application, marriage contract duly authenticated by the Philippine Consulate/Embassy located in the applicant’s home country or by the applicant’s Embassy in the Philippines.
Original passport of the applicant.

Where to file SIRV application
The application for an SIRV may be filed: a) with the embassy or consulate in the applicant’s home country or place of residency; or, b) in the absence thereof, in the embassy or consulate nearest to the applicant’s home country or place of residence; or, c) with the Board of Investments, if the applicant is already in the Philippines.
Upon issuance of the probationary visa, Manila Visa would like to point out that the investor is given one hundred and eighty days (180) days to make the investment in an eligible domestic enterprise and make the necessary report to the Board of Investments (BOI). Noncompliance of this very essential requirement is ground for the automatic cancellation of the SIRV.