by Czeriza Valencia (The Philippine Star), Jul 2, 2019
MANILA, Philippines — Foreign direct investment (FDI) inflows into the country can increase three-fold by amending three key investment laws that would ease restrictions on capital from overseas, the National Economic and Development Authority (NEDA) said yesterday.
During the Pre-State of the Nation Address (SONA) economic and infrastructure forum yesterday, Socioeconomic Planning Secretary and NEDA chief Ernesto Pernia urged Congress to pass the proposed ammendments to the Foreign Investment Act, Retail Trade Act and the Public Service Act.
“The Philippines is the most restrictive country in ASEAN. In Vietnam, for example, 100 percent foreign participation is allowed in practically all areas of FDI,” he said.
“Here in the Philippines, there are so many areas where FDI is only partially open to foreigners…and with those three acts passed and liberalizing the economy, we could really expect much more foreign investment, tripling or quadrupling what we have already achieved,” he added.
Net FDI inflows reached $1.9 billion in the first quarter of 2019, a decline of 15.1 percent from $2.3 billion net inflows in the same period in 2018.
For full-year 2018, net FDI inflows reached $9.8 billion, down by 4.4 percent from $10.3 billion in 2017.
The proposed amendments to the Retail Trade Act seek to ease the equity and capitalization requirements for foreign entrants into the retail sector.
Proposed changes to the Foreign Investment Act include reducing the required number of direct employees for businesses with 40 percent foreign equity and paid-in capital of $100,000 to 15 from 50.
It likewise excludes the practice of professions from restrictions.
Amendments to Public Service Act, meanwhile, propose that all transmission of electricity, distribution of electricity, and water works and sewerage systems shall make up the exclusive list of public utilities.
It likewise raises the foreign ownership limit in public utilities.
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
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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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
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March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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