January 27th, 2024
House Ways and Means Chair Joey Sarte Salceda (Albay, 2nd district) agreed with Socioeconomic Planning Secretary Arsenio Balisacan’s statement that the faster the legislature can complete the process of Charter Change, the better it will be for the economy.
“I agree. Investor certainty is a function of legislative speed. The shorter the debates take, the more certain investors become,” Salceda said.
“But in the House framework – there is no investor uncertainty. If anything, there is cause for investor optimism.”
Salceda made the statement in response to a press briefing in Malacanang by the economic planning chief, where the latter said that he hopes Congress “can agree very soon because we don’t also want those uncertainty because one of the factors that inhibit investments whether it’s domestic or foreign is state of uncertainty. So, we hope that our leaders will come to a common position quickly so that we can move on.”
In addition, Salceda says the House’s principles on charter change will reassure investors even more.
“There will be no investor uncertainty under the House’s proposals.”
“One, we commit to expanding, never restricting, the scope of the economy that is open to foreign investment. So, there is zero chance of an existing area of investment being suddenly closed off,”
“Two, we commit to making investing in the Philippines easier, not harder. So, we will impose no new regulatory restrictions on areas that are already open.”
“Three, we commit to expanding access to existing areas of investment that have some restrictions. Existing limits in the Constitution will now be subject to an enabling law under our proposal.”
“The only way this affects foreign investors already here is that they could bring in even more money, so they might need to be more optimistic with their expansion plans,” Salceda said.
“Unlike other reforms where there is a rationalization of existing incentives or benefits, this one will not take away any existing investor rights and privileges. This will expand them.”
“They can invest in more places and more sectors, infuse more capital, and hire more Filipinos,” Salceda concluded