MANILA, Philippines — Presidential aspirant Sen. Manny Pacquaio said Saturday that he will use his global celebrity stature to lure foreign direct investments to the Philippines and provide jobs for the country’s poor.
As he went around parts of Bulacan and Metro Manila, Pacquiao said he has at least 10 international billionaire friends who are committed to investing their money in the Philippines.
He said their only condition is for him to get rid of corruption which has been a big turn-off for foreign investors and address the country’s unreliable internet and power supply.
“May mga kaibigan ako na mga malalaking negosyante at mga mayayaman sa ibang bansa na naka-ready na tumulong sa Pilipinas. Ayaw lang talaga nila itong napakatinding korapsyon sa ating gobyerno,” Pacquiao said.
“Mahirap din po talagang makakuha ng investors sa bansa kung ang mga katabing bansa ay nasa 20 porsyento lang ang corporate tax. Kailangan nating pababain ang ating corporate tax at palakasin ang ating non-tax revenues,” Pacquiao added.
Pacquiao said that even before the pandemic, which forced many businesses to shut down, many FDIs have already moved elsewhere primarily because of the country’s unpleasant business climate.
Aside from having an unreliable infrastructure for businesses, Pacquiao said the government’s reliance on taxes and the instability in economic policies are also a big turn-off for potential investors.
Pacquiao said that if elected, he would ask Congress to legislate sweeping tax reforms to foster a better investment climate for the Philippines.
He said the recently signed Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, which reduced corporate taxes from 30% to 20% for domestic corporations and 25% for resident foreign corporations, should be further reduced to 17% or even less so that the country can level the playing field with its Asian neighbors.
Pacquiao said that he would also wage a war against bureaucratic red tape by further strengthening Republic Act 11032 or the Ease of Doing Business Act to ensure that all business permits and other documents required to do business are processed in not more than three days.
“Kailangang ayusin din natin itong ating internet at siguraduhin ang sapat at murang supply ng kuryente upang pumasok ang mga investors sa ating bansa. Kailangan ding padaliin natin itong pagpoproseso ng mga dokumento kailangan sa mga negosyo upang makalikha ng maraming trabaho,” Pacquiao stressed.
Pacquiao is currently in Malabon to revisit the Correa family who gave him food, work, and shelter when he was still struggling as a young boxer. He also met with old friends, training buddies, and co-workers at the LA Construction Compound in Maysilo, Malabon.
After his mini-reunion at the LA Construction compound, Pacquiao also distributed relief to residents of Brgy. Maysilo.