A BICAMERAL conference committee will meet in three weeks to reconcile the Senate and House versions of a measure amending investment restrictions in laws governing adjustment companies, lending companies, financing companies, and investment houses.

“I’m hoping that two weeks from now we will be able to get it passed in the floor and hopefully on the last week of January do the bicam,” Davao del Norte Rep. Anthony G. del Rosario told reporters in an interview on Monday.

A technical working group met on Monday to draft a consolidated version of the measure both filed by Mr. del Rosario and Isabela Rep. Giorgidi B. Aggabao (4th district) seeking to amend investment restrictions in specific laws governing said companies.

“We’re hoping we will be able to come up with a final draft of the consolidated version and on Tuesday we’ll be having a committee meeting. I’ll be sponsoring this final draft for approval on Tuesday,” Mr. del Rosario said, adding the main objective of the measure is “to allow foreign entities to come in and own 100% of” those companies.

“As a result of the APEC (Asia-Pacific Economic Cooperation) meetings, somebody there must have probably brought up the issue why we did not lift the restrictions with regard to the other financing corporations or other financial intermediaries, that is why we are now pushing for the removal of these restrictions,” he said.

The proposed law repeals statutory laws and implementing rules and regulations that impose nationality requirements of foreign investment limitations.

Sought for comment, John D. Forbes, senior adviser of the American Chamber of Commerce of the Philippines, said: “The reform has been supported by Philippine and foreign business groups for some years.”

“We are very pleased that it is moving in the Senate and the House, under the leadership of Senator [Joseph Victor G.] Ejercito and Rep. del Rosario,” Mr. Forbes said via text.

A similar measure, Senate Bill No. 3023, has been approved on second reading on Dec. 15, 2015.