Salceda on 44% FDI growth: We can certainly do better

By Billy Begas

House Committee on Ways and Means chairperson and Albay Rep. Joey Salceda said the 43.8% growth in foreign direct investment (FDI) is good news since it demonstrates that the country is on its way to recovery.

“However, I would like to emphasize that we can certainly do better,” Salceda said.

Salceda said the Board of Investments should issue the Strategic Investment Priorities Plan under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act “so that investors in new priority sectors can already look into the Philippines as an investment destination.”

“Our aim should be to reach USD 20 billion in annual net FDI by 2025. This is very achievable, but the country must have the gumption and alacrity to compete with the world and make meaningful improvements on the business environment,” he added.

He said the measures amending the Foreign Investment Act and the Retail Trade Liberalization Act are awaiting the President’s signature and “we have to be sure that the implementation of these laws will be simple and clear to all investors.”

Salceda said the enactment of the measure amending the Public Service Act will open up key sectors to full foreign ownership, such as the telecommunications sector. “This will boost FDIs and also improve competition in key sectors.”

He also underscored the need to invest in the training of the workforce, which is one of the problems of the investors in service-based industries such as Business Process Outsourcing.

The House tax chief is also pushing for “simple, fair, and certain” tax and administrative procedures. He said administrative discretion tends to turn off investors since it exposes them to corruption and administrative delays.

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Source: Latest Politics News Today (Politics.com.ph)