By Manila Bulletin
Trade and Industry Secretary Ramon M. Lopez has urged Congress to pass the 3 pending economic reform bills in this third quarter or before the filing of candidacy for the national elections in October to sustain growth in foreign direct investments (FDI) and drive economic recovery post COVID.
The three critical economic bills that will drive FDI inflows are amendments to the Foreign Investments Act (FIA), Public Services Act (PSA), and Retail Trade Liberalization Act (RTLA).
In his last state of the nation address, President Duterte also made a last ditch appeal to Congress to pass the amendments to these laws. The Duterte government has only 11 months left in office, but filing of candidacy for all elective national and local positions for the May 2022 elections will already start from October 1-8 this year.
“We hope that these three laws will be put into effect by this third quarter and hopefully before October,” Lopez said adding there is still time for Congress to pass these bills. Filing of candidacy for national elections
He said that the passage of these laws will improve the investment climate and a more liberal structure will allow higher foreign equity participation in this critical sectors like retail and public service.
“We can still see some benefits I mean as of the first quarter of this year, I think, you know that some months we had posted already triple digit growth in FDI so the last one was I think 114 percent growth, April or May,” he noted.
After the passage of the CREATE law last year that helped propel FDI inflows, he said the approval of the three economic bills will further sustain the growth in FDIs.
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