Philippines Is Open For Foreign Investors
The senior aide said on Thursday that presumptive president-elect Rodrigo Duterte wants to change the Constitution to lift contrary foreign investment laws as part of the plan to strengthen the economy.
Also, Duterte’s intention is to increase the fund in the falling infrastructure and make it easier to do business, Carlos Dominguez said to the reporter.
‘’We will ensure the attractiveness of the Philippines to foreign direct investment by addressing the restrictive economic provisions of the constitution,’’ he added.
Despite the strong economic growth during the time of President Benigno Aquino, the great division of poor and rich in the country never change and one in four Filipino is living in $1.30 each day or less.
According to the critics, insufficient investment and job creation is part of the problem, one of the reason is the restriction on foreign investment in the Philippine constitution.
According to balita.net, the foreign companies can not own more than 40 percent of the equity in certain business, including those who need franchises from the government such as aviation and telecommunications.
Some economic sectors are completely prohibited to foreign investment, including the majority of retail activities, broadcasting, domestic shipping, and pharmaceuticals.
Nor foreign companies can not also own a land but they can employ the long-term.
Dominguez said the proposed change is accomplished through constitutional convention called by Duterte.
He added that Duterte also facilitates doing a business in the country like in Davao, the licenses “are given in the shortest possible time.”
According to him, the government will alter the income tax rate to give relief to employees earning over P500, 000 a year or less. Also, they will increase the cash transfer program.
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Just be protective of environment which foreign investors may not be concern as was displayed during mining industry destruction in several parts of the country. Don’t sell lands to the foreigners for Filipinos might become squaters in their own land. Classic example of this is in Davao. In fact this is not sale but lease. Japanese business contracted lease with small landowners in hinterlands of Davao like Toril district. The lease was good for 25 years. The lease amount was so high to attract the owners and was also agreed that the owner may till his own land. The Japanese firm removed all coconut trees and other plants and replaced it with banana. After few years and months for some owners the lease money was consumed. They have no property anymore where to plant vegetables the usual way they did to supply immediate need for food. The impact of this sufferings will be for 25 years until after their land shall have been returned. Man oif them may be dead by then. This business made rural Davaoenos suffer more. Please make careful analysis of government programs.