Salceda proposes reform of restrictive FDI regulations
The Philippine laws on foreign direct investment (FDI) need to be revised for the country to become more competitive; attract more foreign businesses; and help increase its gross domestic product, according to Albay representative Joey Sarte Salceda. The country has the most restrictive laws on FDI among 10 ASEAN members and among 35 other countries, according to a 2018 survey by the Organisation for Economic Co-operation and Development.
The House Ways and Means Committee chairman said the current administration recently obtained the “highest ever FDI percentage of GDP” due to structural reforms and the Build, Build, Build program; however, it still trails behind Cambodia and Vietnam due to restrictive regulations. Salceda has pushed for three bills with reforms to the Public Service Act, the Foreign Investments Act, and the Retail Trade Liberalization Act to strengthen the Philippine’s FDI performance.
