Gov’t officials’ absence at hearing on easing foreign investment rules piques Imee
MANILA, Philippines — The chair of the Senate economic affairs committee expressed dismay at the absence of officials of several government agencies at a hearing on a bill that would allow foreigners to practice their professions in the Philippines and foreign companies with as little as $100,000 in paid-up capital to operate in the country.
Sen. Imee Marcos said the absence of officials, whose inputs were needed in crafting the proposed amendments to the Foreign Investment Act, was a blow to the Senate’s bid to beat a “deadly deadline.”
Absent at the hearing on Monday, Sept. 23, were representatives from the Department of Trade and Industry (DTI).
Marcos said the DTI “promised to submit a policy, a policy paper, a position paper,” but there was none on Monday. She said the Senate is trying to double its efforts on the proposed amendments because the House had already passed these. “We haven’t,” she said.
The House passed its version of the amendments, House Bill No. 300.
READ: House OKs bill allowing more foreigners to practice profession in PH
It seeks to amend Section 4 of the law to excluding the “practice of professions” from a foreign investment negative list, or areas or businesses in which foreigners are not allowed or restricted.
The amendments would also lower the required number of employees for a foreign enterprise to qualify as small and medium scale from 50 to 15 and minimum paid up capital of foreign firms entering this business category to $100,000.
Marcos said President Rodrigo Duterte “is urging us to enter into bicameral talks ASAP” or as soon as possible, to produce the final version of the bill. “Ironically, it’s the DTI that’s causing the delay,” Marcos said.
After the hearing, Marcos told reporters that notices for the hearing had been sent to government agencies three weeks ahead.
“Maybe they’re pretending to be busy,” said Marcos.
Representatives from the National Economic and Development Authority (Neda) were also absent.
“I’m getting piqued because every one was absent. Why is DTI not there? Why is Neda not there?” Marcos said.
She said Duterte had certified the bill as urgent and she expected government agencies to heed it as there was a need to keep pace with other countries in terms of foreign investment levels./TSB
