The government is getting more investment pledges but the business sector presses for the adoption of more policy and administrative reforms.
Yes to policy of attraction– plus more reflection and reforms.
Fresh investment pledges for 2013 increase by 12 percent and rise to P403.17 billion, mainly due to a bullish sentiment by foreign investors, reports the Board of Investments (BOI).
They’re buoying up our spirits. Hooray!
Trade and Industry Undersecretary Adrian S. Cristobal Jr. says that investment commitment from domestic firms has reached P298.24 billion (or 74 percent of total approvals), 4 percent higher than last year’s P286.3 billion.
The local boys are waking up.
On the other hand, the BOI head adds that foreign investment pledges account for the remaining 26 percent or P104.93 billion, showing a 42 percent increase from last year’s P74 billion.
Foreign investors are revving up.
Cristobal points out that the full-year investments figure representing the combined project costs of 281 enterprises approved by the BOI will likely generate 37,885 jobs.
Yes to more businesses and jobs!
The top foreign investors are the British Virgin Islands (BVI) with investments worth P45.80 billion or 44 percent share of total foreign investments, and the United States with investments amounting to P41.76 billion or 40% of the total foreign investments during the period.
Both are venturing mainly into the power business. More power!
Meanwhile, the Makati Business Club (MBC) urgently calls for the amendment of the restrictive economic provisions of the Constitution on foreign land ownership and equity participation in certain industries.
This would attract more foreign investments and create more jobs, MBC says.
“We urge President Aquino and our leaders in Congress to support proposals to amend the Constitution. In particular, we support House Joint Resolution No. 1 filed by Speaker Feliciano Belmonte Jr. We believe that this proposal — for the House and the Senate to surgically amend the restrictive economic provisions by inserting the phrase ‘unless otherwise provided by law,’ requiring the endorsement of 3/4 of each chamber, submitting the amendments to the public for approval in a plebiscite, to be followed by the necessary legislation — is a safe, streamlined, and effective way of pursuing this most significant undertaking,” MBC asserts.
Explain more and convince.
“ Let us set this initiative in motion now and ensure that our country does not miss the boat to national competitiveness and progress.” the business group insists.
From a slow boat to a faster boat?
“The opportune moment for addressing the restrictive economic provisions of the Constitution regarding foreign land ownership and equity participation is now upon us.It is imperative that we take advantage of this narrow window of opportunity to finally amend the portions of the Constitution that can further propel the country and our people towards full progress,” MBC concludes.
Time for us to ponder: Opportunity or damnation?
Similar proposals for Charter change have been floated around but fears that political leaders may take advantage of the amendment process to advance political agendas abound.
Yes, lets think of growth but be careful with crooks and crooks. He-he!

Source: Manila Bulletin - December 27, 2013