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
Nov 16 – International Day for Tolerance
“No more toleration of corruption!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
November
Nov 2 – Intl Day to End Impunity for
Crimes Against Journalists
Nov 9 – World Science Day for Peace
and Development
Nov 16 – International Day for Tolerance
Nov 19 – World Toilet Day
Nov 20 – World Children’s Day
Nov 25 – Intl Day for the Elimination of
Violence Against Women
Monthly Observances:
Homes Safety Month
Filipino Values Month
National Rice Awareness Month
National Consciousness Month
for Punctuality and Civility
Environmental Awareness Month
National Children’s Month
Organic Agriculture Month
Weekly Observances:
Nov 19-25: Global Warming and
Climate Change Consciousness Week
Nov 23-29: National Girls’ Week
Population and Development Week
Nov 25 – Dec 12: Social Welfare Week
18-Day Campaign to End
Violence against Women
Week 2: Week 3: Drug Abuse Prevention
and Control Week
Last Week: Safety and Accident
Prevention Week
Daily Observances:
Last Saturday: Career Executive Service
Day
Nov 19: National Child Health Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
