Section 4Sec./Art. 4

Section 5 of Republic Act No. 7652 is hereby amended to read as follows:

"Section 5. Limitations. -

(1) Foreign individuals, corporations, associations, or partnerships not otherwise investing in the Philippines as defined herein shall continue to be covered by Presidential Decree No. 471 and other existing laws on lease of lands to foreigners;

(2) Withdrawal of the approved and registered investment in the Philippines within the period of the lease contract entered into under this Act, or use of the leased area for the purpose other than that authorized, shall warrant the ipso facto termination of the lease contract without prejudice to the right of the lessor to be compensated for the damages the lessor may have suffered thereby;

(3) Any lease contract under this Act which is renewable at the option of the lessee subject to the same terms and conditions of the original contract shall be interpreted to mean as renewable upon the mutual agreement of the parties;

(4) In addition to the conditions for the renewal of a lease contract, the foreign lessee shall show that it has made social and economic contributions to the country; and

(5) In the case of tourism projects, lease of private lands by qualified foreign investors shall be limited to projects with an investment of not less that Five million US dollars (USD 5,000,000.00), seventy percent (70%) of which shall be infused in said project within three (3) years from the signing of the lease contract."