Finance Secretary Cesar Purisima is seeking to reduce the level of restrictions to foreign investments saying that the liberalization tack will result in additional economic activities in the country and help it attain inclusive growth.
After the Philippines registered robust economic growth rates in recent years, the country now has to address the challenge of using these gains to reduce poverty incidence, Purisima said.
He singled out a proposed legislative reform—Amending the Foreign Investment Negative List.
He said relaxing the Foreign Investment Negative List, together with the rationalization of fiscal incentives and changes in the Built-Operate-Transfer law, would be a priority measure of the government’s economic team.
“Our plans for the year ahead are in pursuit of the goal of sustainable and inclusive growth, and an investment climate that is conducive to productivity and competitiveness,” Purisima said in a statement.
Economic officials will begin to lobby for the passage of the bill in Congress.
Some economists are against the restriction to foreign investments, saying that the country direly needs to boost job creation to help more people out of poverty.
With the Foreign Investment Negative List, investors are not allowed to do business in many sectors of the economy, or may do so but on a limited basis.
Under the existing list, foreign media organizations and retail trade enterprises with paid-up capital of less than $2.5 million, for instance, are not allowed to operate in the country.
Also, in some sectors, foreign investors are allowed to do business in the country but only as minority shareholders of companies dominated by Filipino owners. These sectors include education, lending, and advertising, among others.
“We have achieved so much growth these past three years … but there is much work to be done. We must keep pushing our reform programs and find new areas for growth,” Purisima said. –Michelle V. Remo, Philippine Daily Inquirer
Read more: http://business.inquirer.net/166099/dof-out-to-remove-cap-on-foreign-investments#ixzz2vuMMw4Tq
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
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!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
