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Duterte to ease foreign investments

Discussion in 'News and Weather' started by DavyL200, Nov 24, 2017.

  1. DavyL200

    DavyL200 DI Forum Luminary ★ Global Mod ★ ★ Moderator ★ Highly Rated Poster Showcase Reviewer

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    MANILA - President Rodrigo Duterte has directed the National Economic Development Authority to take "immediate steps" to lift or ease restrictions on foreign investments, according to an official document released by his office on Thursday.

    The President issued the memorandum dated Nov. 21 one week after the country hosted Asia-Pacific leaders including US President Donald Trump and Chinese Premier Li Keqiang.
    Duterte seeks 'immediate steps' to ease foreign investment limits

    The NEDA's efforts to ease restrictions should include labor recruitment, public services, rice and corn production, milling, processing, and trading, teaching at higher education levels, retail and domestic market enterprises, according to the order.

    The order aims to "raise the Philippines' level of competitiveness and to foster higher economic growth," the document read.

    Duterte also directed the NEDA to "earnestly support" efforts in Congress to ease restrictions that will require legislation, it read.

    Socioeconomic Planning Sec. Ernesto Pernia said last week foreign direct investments were up "quite sharply" in September and a new "negative list" of industries where restrictions will be eased has been submitted to the President for approval.

    The Constitution caps foreign ownership in key business at 40 percent. Foreign chambers have urged the government to raise the ceiling to lure more investors.
     
  2. Show Pony

    Show Pony DI Forum Patron Highly Rated Poster Showcase Reviewer

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    If the ceiling can be raised by this government it can be lowered by the next. I would not invest any serious money here.
    The government and judiciary are too whimsical. IMHO
     
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  3. OP
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    DavyL200

    DavyL200 DI Forum Luminary ★ Global Mod ★ ★ Moderator ★ Highly Rated Poster Showcase Reviewer

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    I did see in another article it was mainly big business and the service industry.
    I noticed it mentioned elec distributers and suppliers,now that would be nice. More competition.
     
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