A Philippine commissioner for the country's Bureau of Immigration has said that the introduction of a new visa will encourage foreign investment and therefore spur employment growth in the region.

Marcelino Libanan claimed that the Special Visa for Employment Generation (Sveg) will create around 100,000 new jobs after it is introduced, reported

He further added that the introduction of the new visa has come at a particularly strategic time for the economy and will place the Philippines ahead of most Asian countries when it comes to attracting interest from overseas.

"We are looking forward to a time when less Filipinos would seek employment abroad because we are already bringing the investors and the jobs that their investments will create here in our country," he remarked.

This news comes as Singapore announced last week that employees working in the country's manpower sector may be set to benefit from revised employment contracts.