AN administration lawmaker has called for a house cleaning and introduction of reforms that would free up and make it easier for foreign investors to do business in the country.
Sen. Paolo Benigno”Bam” Aquino 4th on Monday said red tape and corruption are among the primary reasons why the Philippines remains unattractive to foreign investors despite the intensified good governance advocacy of President Benigno Aquino 3rd.
According to him, numerous permits, clearances and requirements, red tape, inconsistent regulations and non-uniformity of fees being imposed are too burdensome for both local and foreign investors “to the point of discouraging them from doing business in the country.”
“If we are really pushing for more investment in the Philippines, we have to create an environment that is favorable for foreign investors,” Aquino said in an interview.
To help address the problem, the senator will call for a Senate hearing to get inputs from all parties involved and find out the real situation on the ground.
Aquino, who heads the Senate Committee on Trade, Commerce and Entrepreneurship, cited the need for the government to create an environment that would favor foreign investors, to be able to attract potential traders and convinc e those that are already here to stay.
He particularly cited the case of foreign volunteers in Gawad Kalinga that despite their intention to help the poor communities in the country were not spared from the tedious and unnecessary process for them to put up their companies.