JFC Letter to the HWMC on the Investment and Incentives Code of the Philippines

Dear Chairman Mandanas: The Joint Foreign Chambers in the Philippines (JFC) appreciate the opportunity toprovide additional comments on the four bills before the House Ways and MeansCommittee known popularly as the Rationalization of Fiscal Incentives bills andmore accurately as the Investment and Incentives Code of the Philippines. The fourbills are: House Bill No. 938 authored by Congresswoman Susan Yap, House Bill No. 3162 authored by Rep. Gloria Macapagal Arroyo, House Bill No. 4152 authored by Speaker Feliciano Belmonte, Jr. and, House Bill No. 4402 authored by Congressman Albert Garcia. In our statement delivered by Mr. John D. Forbes of AmCham at the May 10 hearingof the HWMC, we explained the general arguments for the importance of thePhilippines retaining competitive incentives for foreign investors and discussed thedisappointingly low FDI inflow into the Philippines over the last decade, especiallyin comparison with the other major ASEAN economies. View the rest of the statement here.