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No longer fun doing business in the Philippines

Discussion in 'Banking - Investing - Finances' started by DavyL200, Oct 29, 2015.

  1. DavyL200

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

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    The foreign business community said anew it may no longer be fun doing business in the Philippines given the continued uncertainty and unpredictability in the implementation of local policies.

    Such an unstable environment would not only stifle investments, but would also dilute the efforts of foreign chambers in promoting the Philippines as an investment hub in Asia, the foreigners said.

    The latest demonstration of this, according to the European Chamber of Commerce of the Philippines (ECCP), involved the case of JKG-Power Plates, the winning bidder for the Motor Vehicle License Plate Standardization Program (MVLPSP) of the Land Transportation Office (LTO).

    Foreign traders: No more fun doing business in PH | Inquirer Business
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  2. Jack Peterson

    Jack Peterson DI Forum Luminary Highly Rated Poster SC Connoisseur Veteran Air Force

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    Well we have all said that they can be pain but tough Finance/Judicial Ministers and Judicial Enforcements are to me the only way Forward.

    Jack:pompus:
     
  3. Rye83

    Rye83 with pastrami Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    I wonder if they're talking about a certain death squad leader running for president and threatening to kill anyone who opposes him? If he wins and continues his disregard for human rights, sanctions will be placed on the Philippines. If he wins the presidency he will likely become a dictator (which he openly admits to wanting) and the Philippines will go the way of North Korea.

    Edit: Of course that would mean that they would lose military support from the US and China would start grabbing all the land they desired. The Philippines is not a place I would want to live if Duterte became president.
     
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  4. TheDude

    TheDude DI Forum Patron Highly Rated Poster

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    If that's the case, I wouldn't be writing forum posts opposing him. :wink:
     
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  5. Rodneyemr

    Rodneyemr DI Member

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    When was doing business in the Philippines fun?
     
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  6. Jimbo

    Jimbo DI Member Restricted Account Veteran Navy

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    I understand all the frustration that comes with being in this country, but let's all face the fact that we come here because we like it, and i for one, enjoy the low level of regulations. It's probably, to me, the main reason why I love it here. There's more freedom. I'm sick and tired of more and more rules and regulations in my country. I say leave the place how it is.
     
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  7. Jimbo

    Jimbo DI Member Restricted Account Veteran Navy

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    I came here because I like less rules and regulation. There's way too much regulation in my country. Be careful what you wish for my friend. Let's face it. We would not be here of we didn't like it. Most of us like the way this country has more freedoms and less rules.
     
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  8. Mom Miriam

    Mom Miriam DI Member

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    Or... when was doing business any where in the world fun?

    First, one needs to establish pesonal or juridical entity; next, one needs to obtain local permit/s to be legit; third, one needs to submit to local regulatory authorities; fourth, one needs to maintain books - official (for reportorial requirements) or both official and off-the-record (for determining break even point and margining); fifth, one needs to comply with regulatory reportorial requirements.

    Now, if one's purpose is ministry or charitable --- that could entail lesser hassles and could be "fun" or joy to do indeed!
     
  9. Dave_Hounddriver

    Dave_Hounddriver DI Forum Patron Highly Rated Poster

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    It may be fun now. We can't say because you are replying to an opinion on an article written over 2 years ago.
    Date.jpg
     
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  10. Mom Miriam

    Mom Miriam DI Member

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    Oh, I was trying to say that then, as now, doing business is generally not fun - worldwide - because it entails harder work than doing a daily 8-hour job.

    About that news article being cited, what happened to JKG-Power Plates in 2015 can also happen today to any enterprise - be it foreign owned or locally owned - if it transacts business with a government agency yet omits to mind Rep Act 9184 (The Government Procurement Reform Act of 2003) and its 2016 Implementing Rules & Regulations, in addition to forging a contract that binds.

    When such thing happens, the foreign or local business rues payment stoppage and deprivation; yet, in truth, the procuring government organization also suffers, including its transaction-involved employees who will have to reimburse disallowed payments from out of their own pockets or who consequently get chopped off with permanent disqualification and loss of retirement benefit by the Office of the Ombdsman and also the taxpaying public who become deprived of the service for which the procured goods or service were intended for.

    Locals like me who listen to radio news are now familiar with the unfavorable consequence on the other side of the transaction because, since 2015, heads have rolled in Negros Oriental due to violation of procurement law - a law intended to hem in public servants away from self-enriching corrupt practices.
     
    Last edited: Jan 6, 2018
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