THE GOVERNMENT should ensure a predictable business environment where contracts with the private sector are respected and the rules are not changed in midstream, senatorial candidate and Leyte Rep. Ferdinand Martin Romualdez said Monday.
The lawmaker said the country’s political leadership should assure the business community of ease of doing business, reduction of red tape and streamlining of requirements for permits and licenses.
This is on top of giving enough incentives to both foreign and local investors, he said in a statement.
Romualdez’s remarks appear to be in response to a commentary by business columnist Peter Wallace titled “This government does not honor contracts,” the first of a series which appeared in the Inquirer on Christmas.
“Investors look for stability, consistency and predictability of the business environment. Rules must not be changed on a whim in the middle of the game. Contracts must be honored,” Wallace wrote, citing several examples of contracts not being honored by the government as a result of some technicality or legal action.
Leyte Rep. Ferdinand Martin Romualdez INQUIRER FILE PHOTO
Romualdez said that while the government was taking the right step in offering incentives to investors in various industries, particularly those engaged in manufacturing, it should adopt a holistic approach.
For starters, he said, “peace and order is a vital prerequisite for business enterprises to grow.”
“If we want to encourage entrepreneurial activities in the countryside, then we should also ensure that enterprises are amply protected by authorities from criminal syndicates, such as those engaged in kidnapping for ransom and extortion,” Romualdez said.
“We must aim for economic growth that benefits everyone. By creating more jobs and enhancing the competitiveness of our economy, we can reduce poverty that lies at the root of criminality and rebellion,” he said.
Romualdez is a guest candidate of Vice President Jejomar Binay’s United Nationalist Alliance and has secured the endorsement of another presidential contender, Davao City Mayor Rodrigo Duterte.