By Bernadette H. Carreon
Horizon news staff

President Remengesau yesterday signed the proposed measure allowing foreign entities to lease properties up to 99 years.
The new law will allow non-citizens and corporations to lease private land for a term of up to 50 years and to lease government land for a term of up to 99 years.
The law extends the duration of public land leases to non-citizens to a period of up to 99 years and would also extend the potential duration of private land leases to non-citizens for 50 years with an option to renew for another 49 years.
“I am signing this bill into law because I believe that it will be a positive step forward in the development of our company,” the president said.
He added that with the law , Palau can attract more quality long-term investments.
The president said long term investments can provide good jobs for the people and will sustain revenues for the country.
The president said that the 50-year lease term restriction make it very difficult for potential investors to spend millions in Palau.
He said the concerns of the investors are that they cannot recoup their costs in such a short time.
“I am well aware that there are many who fear that this law will pave the way for our people to sell out Palau to foreigners at the expense of our future generations. I understand their apprehension, but I do not share their view,” the president said.
Though some may oppose the new law, the president said that it gives the government more options for economic development.
“I have faith that our citizen landowners will make the right decision for themselves and their families and that our government landowners will make the right decision for the Palauan people,” he said.
The president also commended the OEK for listening to both sides of the issue adding that the bill did generate several discussions.
He said that there maybe a constitutionality question regarding the law, but it is not enough to veto the measure.
He said if there will be questions about its constitutionality will be up to the Supreme Court to determine.