MANILA, Philippines – The Board of Investments (BOI) is readying five measures which would make the country more foreign investment friendly and to counter provisions in the constitution which prohibits full foreign ownership.
BOI managing head Cristino L. Panlilio said the government imposed certain restrictions on foreign ownership which may be illegal or not allowed but were done in the past. Panlilio said they are now going to correct these things.
Panlilio refused to enumerate what the five measures are, only hinting that one of the big industries involved is construction.
Panlilio said there are also certain legislations which already allow full foreign ownership particularly in retail and mining. Under the Mining Law, foreigners may be the full owners of the business as long as they invest $50 million and above while an investment of $2 million and above in retail will allow foreigners full ownership.
Panlilio reiterated that there are legislative acts that already cured the very limited foreign investments law.
Panlilio said he is ambivalent with regards to allowing foreign ownership of land. Panlilio said two things are sure to happen when foreigners are allowed to own land. First, real estate prices will skyrocket. He said this is not a good thing given that there is a housing backlog. This forms part of the negative aspect because some lands will become too expensive for Filipinos. However, investments will create more jobs which will in turn increase the purchasing power of Filipinos and they will be able to afford more things.
The second negative thing with allowing foreign ownership is the idea that agricultural lands may be bought by Middle Eastern and Chinese firms. They are the ones concerned with food security and the worst case scenario would leave the Philippines importing food because we are not allowed to consume the food we are producing here because they are all earmarked for exports. –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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