Palawan solon: Current economic policy hinders Koreans to invest in PH

Palawan solon: Current economic policy hinders Koreans to invest in PH

MANILA, Philippines — Out of 343 South Korean investors, only three went here because of the Philippines’ supposed restrictive economic policies, Palawan 2nd District Rep. Jose Alvarez said on Wednesday.

Alvarez in a press briefing at the House complex said this information was relayed to him by the Korean Ambassador to the Philippines Lee Sang-hwa, who also mentioned during their lunch meeting that the 340 investors went to Vietnam.

According to the solon, this might already be enough reason to amend the 1987 Constitution.

“I will quote the Korean ambassador, I had lunch with him the other day. He said out of the 343 Korean investors, only three located in the Philippines, 340 went to Vietnam.  Isn’t that a sufficient reason for us to look at opening the economy?” Alvarez asked.

“We’re lagging behind the rest of ASEAN.  That’s what I have to say,” he added.

Alvarez also said that existing Philippine laws like the Public Service Act are not enough to attract foreign investments, because the Philippines does not allow majority ownership for foreigners.  In contrast, he said that Vietnam — which is a communist state — allows the use of lands for a fixed period even if these belong to the government.

“The laws passed aimed at opening-up the economy, it’s not enough.  That’s a very direct answer, because in other countries, for example in Vietnam, there is no foreign ownership of land because in a communist state, all lands belong to the state,” he said.

“But there is a definitive period of 25 years, 50 years, 75 years, then these are the benefits.  This is what you invest, these are who you employ.  It’s complete already.  It’s not like opening the economy through Retail Trade Law, the Public Service Act, that’s not enough,” he noted.

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