THE Department of Trade and Industry (DTI) said stable trade rules would attract other countries to invest in the Philippines, as the country’s economy continues to open due to the coronavirus pandemic.
Trade Assistant Secretary Allan Gepty on Saturday, May 13, said based on his experience and continuous talks with the country’s partners abroad, predictability and stability of regulations are important when it comes to doing investments and business in the Philippines.
Gepty noted how these rules change after every administration or when government officials were replaced.
“Suddenly magbabago po iyong mga rules, ayaw po iyon ng mga negosyante, ayaw po iyon ng mga investors. Ang gusto po nila stable. Kaya po sila natutuwa na kapag ang isang bansa ay nag-i-enter into a free trade agreement, kasi nakikita nila na itong rules and regulation ini-incorporate sa trade agreement,” Gepty said in a media briefing.
“Ang effect ‘nun nagiging tratado o treaty or international agreement, so in other words hindi basta-basta kayang palitan kung sino man ang papalit na government officials kasi committed siya internationally, that’s number one,” he added.
Aside from the country’s potential markets, investors also consider its partners internationally most especially for exports, he said.
The official cited the country’s recent ratification of the Regional Comprehensive Economic Partnership (RCEP), which is seen to bring down tariffs of several imported goods from neighboring parties that are part of the free trade agreement.
“So, kung nakikita nila na si Philippines ay kasama sa isang malaking free trade agreement katulad ng RCEP, so nasa mind ng isang negosyante alam nila na kapag pumasok sila sa Pilipinas nag-invest sila sa Pilipinas, mag-manufacture sila ng produkto sa Pilipinas ay alam nila na iyong produkto nila ay hindi lang nila ibibenta sa Pilipinas, kaya nilang ibenta sa isang malawak na free trade area na mayroon preferential market access,” he said.
Last February, President Ferdinand Marcos Jr. ordered the creation of green lanes in government offices and a “One Stop Action Center” to ease the entry of strategic investments into the country.
It will serve as “the single point of entry for the projects qualified under the strategic investments”, address investor concerns, produce a guidebook on government requirements, and provide “aftercare or post-investment assistance”
The President earlier tasked the trade department to address the challenges in the entry of investments to the Philippines. (ABS-CBN News)
