PH ripe for further investment from United States, envoy says

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The Philippines is ripe for more foreign direct investment from the United States after the Duterte administration passed economic reforms that essentially made it easier for foreigners to do business here, an envoy said.

“Conditions that make the country conducive to US investment have come together. As a culture we are very adaptable, but with new and changing economic laws we open the floodgates of opportunity,” said Jose EB Antonio, the country’s special envoy to the US for trade and investment.

He has enlisted the help of business groups Management Association of the Philippines, American Chamber of Commerce of the Philippines, Semiconductor and Electronics Industry of the Philippines, and Harvard Business Club of the Philippines to attract American companies to the country.

Antonio’s optimism comes from the signing of the amended Civil Service Act, which allows up to 100 percent foreign ownership of public services.

Other legislation supporting the government’s push to make the country a hotbed for US investment are amendments to the Retail Trade Liberalization Act, which lower paid-up capital requirements for foreign retail businesses.

At present, foreign business groups are only waiting for the publication of the implementing rules and regulations for the new economic liberalization laws.

“It’s time to pick up where we left off before the pandemic, when the country experienced uninterrupted growth for consecutive periods,” Antonio said. INQ

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