Foreign investments

2 “changing” laws to attract foreign investment P299B in the next 5 years – Garin

By Billy Begas

Amendments to the Civil Service Law and the Foreign Investment Law are expected to generate an additional 299 billion pesos in foreign direct investment (FDI) over the next five years.

Sharon Garin, chair of the House Economic Affairs Committee and representative of AAMBIS-OWA, said the new laws “are sure to be a game-changer for our struggling Philippine economy.”

“The objective of this law is to encourage FDI, which will create jobs, develop resources, increase the value of exports and help fuel the economy as a whole. When you have a good investment climate, you build more businesses that will generate more jobs and introduce innovation in industries that need to compete in the international market. Ultimately, you empower the people, collect better taxes, and help the government deliver better goods and services. It’s definitely a win-win situation,” explained Garin.

Garin said he should also raise gross domestic product by 0.47 percentage points.

President Rodrigo Duterte signed the foreign investment law on March 2, while the new civil service law was signed on March 21. Garin sponsored both measures.

“It has been an honor for me to sponsor, advocate and grow these game changers, designed to boost foreign capital investment for many struggling businesses. After decades of meetings, discussions and debates, we have now updated the relevant laws that meet the needs of our country, as we try to move forward after the effects of the pandemic on our economy” , Garin said.

She said the new laws are key in the government’s post-pandemic economic recovery measures.