JFC to RP: Open up economy
March 12, 2015 at 15:30
Wednesday, 04 March 2015 00:00
The Joint Foreign Chambers (JFC) has urged the government to further open up the economy in order for the Philippines to attract more foreign direct investments (FDIs).
In a press conference during the Arangkada Forum yesterday, Australia-New Zealand Chamber of Commerce president Ian Porter said easing the economic provision is an “absolute key” for the country to magnetize FDIs.
Porter mentioned that the Philippines is not able to get FDIs as large as other competing nations in Southeast Asia, as the country has yet to liberalize its economy.
“Lifting the economic provisions is really a priority… (It’s) an absolute key to attract foreign direct investments,” he stressed.
Foreign investment among the seven investment promotion agencies (IPAs) last year declined by 32 percent to P187 billion from 2013’s foreign investment approvals of P274 billion.
In Arangkada’s fourth anniversary forum, the JFC highlighted critical reforms that will address inclusive growth: 1) creating a sound investment climate through regulatory and policy coherence; 2) enabling the middle class through equitable participation and larger share in economic activities; 3) promoting trade and investment liberalization and creating a level playing field for investors; 4) providing opportunities for gainful employment especially to the young labor force; and 5) supporting integrity, transparency, judicial reforms, anti-corruption and peace and initiatives.
The Arangkada Philippines Project launched by JFC in 2010 aims to leverage investment and employment in the country by accelerating growth in sectors such as agri-business, business process outsourcing, creative industries, mining, manufacturing, tourism-retirement-medical travel, and infrastructure.
Among 462 recommendations of JFCs through its Arangkada project to the Philippine government, 74 percent of the total recommendations are active or moving from its first assessment in 2011 at 51 percent.
Source: https://www.tribune.net.ph/business/jfc-to-rp-open-up-economy
