Solon commends initiatives to draw foreign investments » Manila Bulletin News



By Charissa Luci-Atienza

The House Committee on Economic Affairs cited Monday President Duterte’s directive to the National Economic Development Authority (NEDA) Board and its member agencies to flex their muscles to lift or ease restrictions on foreign investments.

House of Representatives (Michael Varcas / MANILA BULLETIN FILE PHOTO)

Bohol Rep. Arthur C. Yap welcomed the memorandum issued by the President to NEDA, saying that the liberalization of key economic activities is imperative to make the Philippines more attractive to investors, increase growth, add jobs, and create a competitive business environment.

“The President’s directive is a testament of this administration’s commitment to pursue regional and international integration into the global market,” he said.

Yap principally authored the measure amending the Public Service Act which will open the telecommunications and transport services to 100 percent capitalization and operation by foreign players. He said his bill “will result in an improved quality and lowered cost of services to benefit all Filipino consumers.”

Yap also principally authored the bill amending the Retail Trade Liberalization Act which, if passed into law, will remove the minimum capital requirements and limit on foreign equity participation in the retail sector.

“Years after we have eased restrictions on foreign ownership of local businesses, foreign direct investments are sorely below the ones being made into the ASEAN particularly Vietnam, Thailand, Indonesia and Malaysia. This means we have to get to the bottom of why other regional economies are more attractive than ours,” he said.

“Needless to say, the House committee on economic affairs is elated and fully committed to support this laudable directive of the President ,” Yap said.

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