President eyes relaxing rules on foreign investments to spur growth

President Duterte is pushing for Charter amendments to relax rules covering foreign investors in a bid to spur economic growth and job generation in the country.

In a press conference in Davao City last Thursday night, the President announced that he was in favor of changing the present 60-40 rule on foreign ownership of companies to “a half-half thing.”

“In the coming days, we might be able to fix something in the Constitution,” the President said.

“I was against before of selling the lands. I think that is still my stand but I’m willing to change this 60-40 thing, make it more elaborate, maybe even if it is a half-half thing as long as there are good investments where they can provide livelihood for everybody. Yan ang kulang natin,” he said.

Duterte agreed it was time to “improve the ratio of business equation” in the areas of manufacturing in agricultural areas, natural resources development, public utilities, and lands.

Duterte made the Charter change proposal to attract more foreign investors shortly after his meeting with the visiting Japan Foreign Minister Fumio Kishida in Davao City. The meeting centered on enhancing the “good” bilateral relations between the two countries, Duterte said.

Duterte also invited Japan to continue to invest in the country, promising the government will put more economic zones to facilitate their business ventures.

“I assure them that we would accommodate you and we would be happy if you come in also to help especially in the employment aspect of our joint efforts. Trabaho para sa mga Pilipino and I would assure them that they can have the profits,” he said.

Source: http://www.mb.com.ph/president-eyes-relaxing-rules-on-foreign-investments-to-spur-growth/