Senator Win Gatchalian has stressed the need for the immediate implementation of economic reforms that will foster a more competitive business environment in the country.
Gatchalian made the statement after citing recent Bangko Sentral ng Pilipinas (BSP) data, which showed the country’s poor standing in terms of Foreign Direct Investment (FDI) inflows compared with 10 Asian countries in 2018.
“Based on our own analysis, macroeconomic risks, such as higher-than-expected inflation in 2018, the country’s restrictive investment environment, and poor infrastructure quality — particularly on transportation and logistical infrastructure — remain to be the key stumbling block for the country to corner higher FDIs,” Gatchalian said.
The legislator, who chairs the Senate committee on economic affairs, urged his colleagues in the Senate to prioritize the passage of key economic bills that will foster an inclusive, efficient, and competitive business environment in the Philippines – such as the Public Service Act and the Retail Trade Liberalization Act.
“Senate should prioritize the passage of key economic bills.”
Gatchalian also pushed for the passage of a measure amending the Foreign Investments Act (FIA) of 1991, which he said is essential to put the country in a competitive position over other ASEAN (Association of Southeast Asian Nations) states.
“Amending the Foreign Investments Act of 1991 is essential to put the country in a competitive position over other ASEAN countries.”
The proposed FIA amendment aims to attract businesses and investments by providing clarity to foreigners, who are interested in investing in small and medium enterprises or practicing their profession in the Philippines.