Question & AnswerQ&A (PRESIDENTIAL DECREE No. 1623)
The purpose of Presidential Decree No. 1623 is to authorize the issuance of Special Investors Resident Visas to aliens who invest substantially in economically depressed priority areas in the Philippines to boost tourism, attract foreign investments, generate employment, and improve the economy.
Aliens who have not been convicted of a crime involving moral turpitude, are not afflicted with loathsome, dangerous or contagious diseases, have not been institutionalized for any mental disability, and who are willing and able to invest at least US$200,000 in an economically depressed priority area in the Philippines can qualify.
The alien must remit not less than US$200,000 in acceptance foreign currency for direct investment in an economically depressed priority area to be eligible.
Yes, the spouse and unmarried children of the applicant are entitled to the same visa if they accompany the alien investor or join him after his admission into the Philippines.
An alien can reside in the Philippines as long as the investment subsists.
The Special Investors Resident Visa issued to the alien may be revoked by the Philippine Government if the alien withdraws the investment or transfers it to another area within the Philippines without prior approval from the Office of the President.
The Office of the President of the Philippines has the authority to declare economically depressed priority areas.
Any existing general or special laws inconsistent with the provisions of this Decree are considered modified, amended, or repealed accordingly to conform with this decree.
Yes, the decree requires that the alien applicant must not have been convicted of crimes involving moral turpitude, must not be afflicted with loathsome, dangerous or contagious diseases, and must not have been institutionalized for any mental disability.
The alien applicant must prove that they have remitted in acceptable foreign currency a substantial amount (not less than US$200,000) to qualify for the visa, which supports the Philippine economy with foreign exchange receipts.