Business ownership rules eased

  • Page Views 574
  • We will not abandon Japan – Duterte

    The Philippine government has pledged to ease constitutional restrictions on foreign ownership of businesses to allow more investments and generate employment in the country.

    However, President Duterte’s economic team refused to relax rules on foreign ownership of lands as they tried to attract Japanese investors to the country during a forum in Tokyo Wednesday morning.

    “In the next year, we will be opening the areas for investments that have been administratively limited and this will be done in May of 2017,” Finance Secretary Carlos Dominguez said at the Philippine Economic Forum at the Prince Park Hotel here.

    “For the near future, the President has called for a constitutional convention to open up those areas of our economy that are limited by our Constitution, with the exception of land ownership,” he added.

    Prior to Dominguez’s remarks, the Japanese business community called for the relaxation of strict constitutional restrictions that curb investments to the Philippines.

    “We expect a relaxation on foreign investments currently stipulated by the Constitution,” Teruo Asada, co-chairman of the Japan-Philippines Economic Cooperation Committee, said in his speech.

    Asada, chairman of trading house Marubeni Corporation, admitted that such constitutional constraints have been a major obstacle to increasing Japanese investments in the Philippines.

    He said they believe in the “strong leadership and executive power” of President Duterte to carry out much needed Charter reforms.

    Pending the proposed Charter amendments, Asada assured Japan remains a steady partner of the Philippines in infrastructure development, citing the 240 billion yen railway project between Malolos and Tutuban, among other projects.

    Duterte vowed to continue to improve the business climate in the country, from cutting red tape to keeping peace and order, to attract more investors and businesses to set up shop.

    He said he would implement policies that would ensure stability in the macro-economic policies, increase competitiveness, improve ease of doing business, increase spending in crucial infrastructure and invest further in the human capital development.

    “We are confident that more Japanese businesses will follow and go to the Philippines,” Duterte said.

    At present, the 1987 Constitution limits foreign ownership of companies in the Philippines to 40 percent, restricting flow of foreign investments and promoting local businesses from foreign competition.

    The President has initially endorsed moves to amend certain economic provisions of the Constitution via constitutional convention but later changed his mind and preferred the cheaper mode constituent assembly.

    In the same business forum, the President’s economic managers took turns in trying to convince Japanese businessmen to invest in the Philippines, citing stable economic conditions and skilled Filipino workforce.

    First on the podium was Dominguez who assured the businessmen that the Duterte administration has a “pro-business policy” to ensure sustained growth.

    He said the economy remains “vibrant” and there is “a lot of headroom for expansion.”

    Both the Philippines and Japan are locked in territorial disputes with China in the South China Sea and the East China Asia, respectively.( Genalyn D. Kabiling, mb)

    Share

    New Posts Recently publish post More

    • 20 July 2018
      2 days ago No comment

      Ant Man and The Wasp (PG)

      Mini Marvels! Giant -sized fun is on tap big time in Ant Man and The Wasp. Trust Marvel Studios and Disney to come up with just a crackerjack fun time at the movies. Better than your typical superhero movie check out this crowd -pleaser at Cineplex Cinemas around BC. ...

    • 20 July 2018
      2 days ago No comment

      ABS-CBN Star Cinema’s “I Love You Hater” posts the truths and lies about love and what’s in between

      Star Cinema’s anniversary offering brings together Philippine Queen of Media Kris Aquino and young entertainment royalties JoshLia in a story that shows how hate is not the end and be of it all MANILA, PHILIPPINES – Is it possible to love someone you hate? The generational movie “I Love ...

    • 16 July 2018
      5 days ago No comment

      Manny Pacquiao is back!

      KUALA LUMPUR – “I’m back! With these words, Filipino boxing icon served notice to the whole world of his third coming after devastating losses he suffered the past seven years. Defeats dealt him by arch-rivals Juan Manuel Marquez in 2012 and Floyd Mayweather Jr. in 2015, and only last ...

    • 16 July 2018
      6 days ago No comment

      Glaiza works hard in Contessa

      GLAIZA De Castro revealed that some of the episodes of her hit afternoon show, “Contessa,” are recorded in the morning and aired in the same afternoon. “Naubusan kasi kami ng stocked episodes,” she said. “Dalawang taping days namin, inabot ng maghapong ulan, lalo na ‘yung set in Daranak Falls ...

    • 16 July 2018
      6 days ago No comment

      Barbie as Happylou!

      Barbie Forteza has reason to rejoice because her primetime show, “Inday Will Always Love You,” continues to clobber its rival show in the ratings game. Her performance as the very positive and perky Happylou is truly a big winner as viewers just can’t seem to get enough of her. ...

    %d bloggers like this: