Positive impact of economic reforms will be ‘delayed’
The benefits of economic reforms in the Philippines — including the Foreign Investment Act, Retail Trade Liberalization Act, and Public Service Act — will not be immediately felt, an economist said.
In an email interview with BusinessWorld, University of Asia and the Pacific senior economist Cid Terosa stated that other conditions need to be in place before the economic reforms gain traction.
He added that developing countries — like the Philippines — will have difficulty finding new investments as the War in Ukraine and Russia could make foreign companies more cautious.
Meanwhile, Foundation for Economic Freedom President Calixto Chikiamco said that amendments to the Public Service Act will have the biggest impact in economic liberalization.
He stated that “big foreign telco and transport players are already indicating a desire to invest in the Philippines” and the signing of all three laws will further boost foreign investments in the country.
President Rodrigo Duterte had already signed Republic Act No. 11647 which amended the Foreign Investments Act and the Republic Act No. 11595 which amended the Retail Trade Liberalization Act.
A measure seeking to amend the Public Service Act is still awaiting the president’s signature.
