House approved legislation making PH ready for more investments, envoys told
Makati skyline (INQUIRER.net stock image)
MANILA, Philippines — The Philippines is now ready for more foreign investments as lawmakers passed key legislation such as the proposed Maharlika Investment Fund (MIF).
Speaker Ferdinand Martin Romualdez declared this Tuesday during a luncheon meeting with ambassadors of Asia-Pacific Parliamentary Forum (APPF) member countries. He also mentioned the approval of measures seeking to amend the 1987 Constitution’s restrictive economic provisions. And according to him, such bills would help the country attract more investments.
“Two of our more promising initiatives is the Maharlika Investment Fund proposal and the efforts to amend the economic provisions of our existing Constitution through a Constitutional Convention,” he said.
“These measures, we at the House of Representatives believe, will help create a more vibrant economy not only for the Philippines but also for the countries in the Asia-Pacific Region, by reducing, if not, totally eliminating economic barriers to investments. Indeed, there [is] so much more to look forward to,” he added.
Resolution of Both Houses No. 6, which calls for a constitutional convention to amend the 1987 Constitution was approved by the lower chamber last February 27 while its implementing bill was passed on March 14.
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Article continues after this advertisementMeanwhile, House Bill No. 6608 for the establishment of the MIF was approved on December 15, 2022.
Romualdez then asked the ambassadors to extend the Philippines’ invitation to businesses from their countries of origin.
“Our dear Ambassadors, please extend our warmest invitation to our peers in your countries and let them know that the Philippines is very much open for business, and we have a lot to offer,” the Speaker said.
“This year, 2023, in Manila, your parliamentarians will rediscover another unique and rich culture, reflecting all three of our heritage — our island nation ancestry, our deep Southeast Asian roots as well as our Latin American kinship,” he added.
The meeting held at a hotel in Taguig City was part of preparations for the 31st Annual APPF conference that the Philippines is slated to host in November 2023.
The ambassadors and diplomats who attended the luncheon meeting came from countries like Australia, Cambodia, Canada, China, Colombia, Indonesia, Laos, New Zealand, Papua New Guinea, Russia, Singapore, Thailand, United States of America, and Vietnam.
Romualdez said he is eager to meet counterparts – lawmakers from other countries – in the conference.
“Our country extends the open hand of friendship to our neighbors as we host the Asia Pacific Parliamentarians Forum this year. We are excited to have your legislators here. I am sure that the Senate President shares this sentiment,” he said, referring to Senate President Juan Miguel Zubiri who was also present in the event.
“Personally, I am eager to meet our counterparts from our neighboring countries. I am quite partial to face-to-face meetings. I find it easier to communicate, coordinate and provide support to each other when we are all physically present,” he added.
