MANILA, Philippines — Albay 2nd district Representative Joey Salceda agreed on Saturday with National Economic and Development Authority Secretary Arsenio Balisacan that investors will be more attracted to the country when the legislative department expedites the Charter change process.
“I agree. Investor certainty is a function of legislative speed. The shorter the debates take, the more certain investors become,” Salceda, who is also the House ways and means chair, said in a statement.
In a Malacañang press briefing on Friday, Balisacan said that uncertainty as well as disagreements in the legislative branch may be a source of concern for potential investors.
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Salceda also raised three ways in which the country can engage more foreign investors.
“One, we commit to expanding, never restricting, the scope of the economy that is open to foreign investment. So, there is zero chance of an existing area of investment being suddenly closed off,” he said.
“Two, we commit to making investing in the Philippines easier, not harder. So, we will impose no new regulatory restrictions on areas that are already open, [T]hree, we commit to expanding access to existing areas of investment that have some restrictions. Existing limits in the Constitution will now be subject to an enabling law under our proposal,” he added.
The lawmaker also said that proposed amendments to economic provisions in the Constitution will better help invite investors as it will include more rights for them.
“Unlike other reforms where there is a rationalization of existing incentives or benefits, this one will not take away any existing investor rights and privileges. This will expand them,” he said.
“They can invest in more places and more sectors, infuse more capital, and hire more Filipinos,” he added.
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