What businessmen want Aquino to do

If businessmen had it their way, they would allow foreigners to own businesses in a wider range of sectors to get more money into the Philippines.
This, as 13 of the biggest business groups in the country asked President Benigno Aquino III to loosen restrictions on foreign equity.
“We strongly urge your administration to consider amending the economic provisions in the 1987 Constitution, which restrict greater private sector participation,” the letter read.
Among the groups that sent the letter were the Joint Foreign Chambers, the Makati Business Club and the Philippine Chamber of Commerce and Industry.
The Constitution allows lawmakers to reserve certain areas of investment to businesses 60 percent owned by Filipinos.
Aside from lifting foreign ownership limits, the government has also been urged to expedite infrastructure projects and address power concerns.
“Strategic transportation infrastructure projects must be accelerated and implemented at the soonest possible time,” the groups said.
These include projects under the public-private partnership scheme, especially transport projects such as major highways and airports.
Lower power cost and increased capacity is also expected to attract investors to the country, the groups noted.
To achieve these, the government has been urged to create a “favorable investment climate” for potential energy investors.
Meanwhile, in order to ensure job creation and improve competitiveness, incentives to investors should also streamlined, business groups said.
Also highlighted were the need for mining reforms, a Customs bureau revamp, as well as anti-trust and competition policies.
Business groups also pushed the government to “institute reforms that would address issues of competence and efficiency in the justice system.”
“Through these measures, the business community is of firm conviction that the Philippines will continue to be among Asia’s fast rising economies,” the groups said.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Ayungin dilemma Ramon Casiple - Parallaxis
    Ayungin dilemma

    China faces a dilemma in Ayungin Shoal and other contested areas. If it waits for the ITLOS—which may decide against it—it would have tacitly bound itself to UNCLOS and risk a rogue state reputation if it asserts its claim in the South China Sea. If its militarily acts now, it may face international isolation. …

  • 48 nabbed in biggest anti-trafficking catch in Bongao VERA Files - The Inbox
    48 nabbed in biggest anti-trafficking catch in Bongao

    By Jake Soriano, VERA Files Bongao, Tawi-tawi—A team of Marines and policemen intercepted around noon Thursday 48 people, 12 of them minors, believed recruited by a human trafficking syndicate for work in Malaysia. The arrest constitutes what advocates called the … Continue reading → …

  • Docs vow to pay right taxes, make peace with BIR VERA Files - The Inbox
    Docs vow to pay right taxes, make peace with BIR

    By Kiersnerr Gerwin Tacadena, VERA Files Leaders of the medical profession have made peace with their former adversary, the Bureau of Internal Revenue (BIR), and joined forces in a campaign to get doctors to pay the right taxes. BIR Commissioner … Continue reading → …

Poll Choice Options