NextGen Day

The administration’s objective to boost foreign direct investment (FDI) in order to establish the Philippines as a top investment location and manufacturing hub has the complete support of a Filipino information technology specialist.

Orion Perez Dumdum, a Singaporean and co-founder of the Constitutional Reform and Rectification for Economic and Competitiveness and Transformation (CoRRECT) Movement, recalled meeting foreign businessmen who were hesitant to invest in the Philippines due to its stringent laws during the Senate Committee on Constitutional Amendments and Revision of Codes’ second meeting on Friday.

“The same complaint keeps coming up, I see. that our Constitution has significant limits against foreign direct investment, making us the only country in our region to do so, “Dumdum informed the committee after traveling for business and observing various nations and their political structures.

He claimed that according to the Organization for Economic Cooperation and Development’s FDI Regulatory Restrictiveness Index for 2020, the nation was third most restrictive to international investments, behind Palestine and Libya.

In his inaugural State of the Nation Address in July, President Ferdinand Marcos Jr. stated that his administration hopes to increase foreign direct investment (FDI) and turn the Philippines into a leading manufacturing powerhouse.

Using the Corporate Recovery and Tax Incentives for Enterprises or CREATE law as well as economic liberalization laws like the Public Service Act and the Foreign Investments Act, Marcos remarked, “Our country must become an investment destination.”

The addition of strategic industries, including those involved in high-tech manufacturing, health and medical care, and developing technologies, will receive full support from ecozones, according to Marcos.

Foreigners may own up to 100 percent of domestic market businesses, according to Section 7 of Republic Act 7042, or the Foreign Investments Act of 1991, unless foreign ownership is forbidden or restricted by current law or the Foreign Investment Negative List.

The Foreign Investment Negative List contains small and medium-sized domestic market firms with paid-in equity capital less than the equivalent of US$500,000 as well as places where defense-related operations are conducted, areas having consequences for public health and morality, and areas.

According to data, after reaching a record high of US$10.5 billion in 2021, the Philippines’ net inflow of foreign direct investments increased by 8% to US$1.71 billion in January and February 2022.

With the present administration’s passage of the modified Retail Trade Liberalization Act, International Investments Act, and Public Services Act, finance secretary Benjamin Diokno stated earlier that the Philippines will continue to draw foreign investments.

The tax system that Marcos inherited is “much better,” according to Diokno, as a result of the Duterte administration reforming the personal income tax and corporate income tax, increasing taxes on cigarettes three times, petroleum products twice as much, and imposing taxes on sugary products for the first time.

The former president Rodrigo Duterte’s consultation committee to alter the constitution’s spokesperson, Ding Generoso, stated there is a time limit on officers’ terms of office if and when the country switches to a federal system of government.

The President, all surviving former Presidents, the Vice President, Senate President, House Speaker, an economist, a legal expert, and a fiscal management representative with a fixed three-year tenure will serve as the team’s leaders, according to him.

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