Section 1Sec./Art. 1

Section 2 of Republic Act No. 7652, otherwise known as the "Investors' Lease Act", is hereby amended to read as follows:

"Section 2. Declaration of Policy. - It is hereby declared the policy of the State to encourage foreign investments consistent with the constitutional mandate to conserve and develop our own patrimony.

Towards this end, the State hereby adopts a flexible and dynamic policy on the granting of long-term lease on private lands to foreign investors for the establishment of industrial estates, factories, assembly or processing plants, agro-industrial enterprises, land development for industrial or commercial use, tourism, agriculture, agro-forestry, ecological conservation and other similar priority productive endeavors.

It is the policy of the State to ensure the reliability of investors' lease contracts to provide a stable environment for foreign investments."