MANILA, Philippines – The government is targetting a four fold increase in foreign direct investment (FDI) four times in the next three years to $8 billion.
“Our aspiration is to match their (Vietnam) FDI level,” Trade Secretary Gregory L. Domingo told reporters.
With regret, Domingo reported that the FDI level of Vietnam is four times greater than the Philippines. The FDI of Vietnam is currently at $8 billion while the Philippines is only at $2 billion. He said that his goal is to match this level in the medium term or in three-to-five years.
Domingo said he is confident that the $8 billion figure is achivable with the right policy, right infrastructure and right governance.
However, there are some controversies surrounding the investment climate in the Philippines after the Department of Finance (DOF) proposed that the income tax holiday (ITH) be abolished in six years.
When asked to comment on the matter, Domingo said that it is part of the internal discussions with the DOF but said that the two departments have very good relations.
“The ITH can be replaced with other forms of incentives that can be competitive in the region,” Domingo said.
Domingo said the incentive package is not the only consideration of investors. He said power, infrastructure, governance and peace and order are also important.
“The best determinant of how we do is in competitiveness,” Domingo said. He noted that the Philippines is in the bottom third in the National Competitiveness Council (NCC) ranking. In two to three years, he said the goal is to improve the ranking in the next two years. –Ma. Elisa P. Osorio (The Philippine Star)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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