Economic Planning Secretary Ernesto Pernia told Japanese businessmen the government is doing all it can to implement measures that will help improve the flow of foreign investments in the country.
Pernia said during the Osaka leg of the Philippine economic briefing in Japan held Feb. 22 that the government was pushing for the amendment of the Retail Trade Liberalization Law.
Pernia said amending the Retail Trade Liberalization Law was one of the three major policy reforms undergoing legislative process that would assist foreign investment in the Philippines.
“Besides our growth story that tells of the Philippine economy’s higher growth trajectory, there are several policy reforms already in place to accommodate more foreign investors in the country. These are the amendments on the Retail Trade Act, the Foreign Investment Act, and the Public Utilities Act, which are all near passage in Congress,” Pernia said.
The Retail Trade Liberalization Law seeks to do away with barriers to foreign investments by easing the equity and capitalization requirements to create a more favorable investment climate in the country.