Poe: Laws, pacts need updating to make PH more competitive, business-friendly

SENATOR Grace Poe on Monday called for a review and updating of laws, regulations and agreements to make the Philippines more competitive and more business-friendly.

Poe issued the statement in response to the challenge of the Association of Southeast Asian Nations (Asean) to strengthen diplomatic and trade relations with other countries in the region.

“The House of Representatives and the Senate, together with the Departments of Trade and Industry and the Department of Foreign Affairs, should look into existing treaties and regulations that need to be revised and updated,” she said in a statement.

“Some of them may no longer be relevant and do not encourage foreign investors to come in. In addition, we have to review if they are consistent with the notion of integration and economic coherence,” she added.

The Asean Economic Community (AEC), which aims to strengthen foreign relations in the aspects of economy, politics and security, will be formally created this December.

Poe, in particular, wants a review of legal restrictions “that make it difficult for foreign businessmen to invest in the Philippines, such as ownership of land and other major industries like media, transportation and telecommunications.”

But safety nets, she said, must also be created to ensure that the local industry would not take a beating because of such developments.

Poe added that it is time for the government to create effective measures that will strengthen relations between countries within the Asean, as well as pave the way to facilitate the import and export of products and services.

“We have to make it easier for businesses to set up operations, including simplifying the process of obtaining permits. Red tape must be abolished so that doing business with the Philippines will be made more efficient,” she said.

The senator also called for the strengthening for local industries, for them to be more competitive in the global scene.

Poe likewise called on business leaders and the private sector to take advantage of the integration of economies in Southeast Asia to further strengthen their businesses.

“While we might experience some slowdown at the start, our businesses will still ultimately reap the benefits of the foreign investments and vibrant economy that integration will bring,” she said.

For the investments to come in, Poe said, infrastructures should pass global standards and make sure calamities do not result in lasting disruption of economic activities.

“If we are more focused on improving the quality of infrastructure in the country and ensuring disaster preparedness and management, we can endure and survive calamities by keeping damage at a minimum,” she said.