The chairman of the House Committee on Economic Affairs on Monday said the Philippines is now attracting a “good” kind of attention from investors who were previously hesitant to invest in the country. Rep. Sharon Garin of AAMBIS-OWA Party list, in a news statement, said an open Philippine economy is…
(File photo) MANILA - Many international companies are keen on investing in the Philippines after the passage of game-changing reforms under the Foreign Investments Act and Public Service Act, a House leader said on Monday. House Committee on Economic Affairs chair Sharon Garin said the country is now attracting the "good" kind of attention from investors who were previously hesitant to invest in the country because of restrictive old laws. "Finally, after a century of restrictions, we now have relevant laws to help which encourages long-term investments in underutilized public sectors such telecommunications, shipping, air carriers, railways, and subways," Garin said. Garin particularly noted that Elon Musk's satellite-based internet service Starlink would soon operate in the Philippines. "We have heard from Elon Musk's Starlink, which will hopefully make internet better and more accessible all over the country. Their low-orbit satellite technology can
MANILA - A lawmaker on Tuesday urged the Department of Trade and Industry (DTI) to present the Philippines as the alternative finance hub of the Western Pacific as more foreign businesses in Hong Kong are eyeing to move out due to the government's strict Covid-19 protocols. Deputy Speaker Bernadette Herrera said the government could consider Bonifacio Global City (BGC) Taguig, Clark, Makati City, Quezon City, and Metro Cebu as prime alternative finance hubs given the recent development in Hong Kong as Asia's main finance hub. Herrera cited a Bloomberg report stating that nearly half of the European companies in Hong Kong are eyeing to relocate operations and staff due to the strict pandemic controls. "Bloomberg has reported that foreign companies in Hong Kong are thinking of moving out because of the continuing pandemic biohazards there. I see this as an opportunity for the Department of Trade and Industry to present the Philippines as the alternative finance hub of the We
MANILA - Members of the House of Representatives on Tuesday lauded the enactment of a law amending the 85-year-old Public Service Act (PSA), which could be a game-changer that would open up the Philippine economy to more foreign investors. House Committee on Economic Affairs chair Sharon Garin said the passage of the law will increase the Philippines' foreign direct investments (FDI) by around PHP299 billion over the next five years. Garin said it is also expected to increase the gross domestic product (GDP) growth rate by 0.47 percentage points above the baseline. She said the new Public Service Act, along with the Foreign Investment Act, will be "game changers" designed to boost foreign investments of capital for many ailing businesses amid the coronavirus pandemic. "After decades of meetings, discussions and debate, we now have updated the relevant laws that fit the needs of our country, as we try to move forward after the effects of the pandemic on our economy,&q
MANILA - The National Economic and Development Authority (NEDA) lauds the enactment of Republic Act No. 11659 or the amendments to the Public Service Act (PSA), which President Rodrigo Roa Duterte signed into law Monday. The amendments to the PSA limit the coverage of public utilities and effectively liberalize key public services by allowing full foreign ownership in key sectors. This will encourage more foreign investments and innovation to lower prices, improve the quality of goods and services, and create more and better jobs. "We thank President Duterte and legislators from both chambers of Congress for their commitment to pass landmark legislation amid the challenges brought about by the pandemic. This reform will help bring in more foreign investments and improve services, especially in transport and telecommunications where we are lagging behind. This will benefit all Filipinos through better quality goods and services at lower prices and more meaningful job prospects,&quo